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Archive for October, 2009

Will the Tax Credit be Extended?

Friday, October 30th, 2009

Home Buyer Tax Credit Update

Last night, the Senate reached a deal on extending and expanding the home buyer tax credit; they plan to attach it to the unemployment insurance bill.  Click here to see a copy of the bill (the tax credit provisions begin on page. 14).  

The process should go like this:
1. There will be a cloture vote at 5 pm on Monday, November 2, in the Senate on the new Baucus substitute. If the vote succeeds, it takes 30 hours to “ripen” ( i.e.: before the bill is brought to the floor);

2. Thirty hours later, it is Tuesday night, the 3rd. More than likely, there will be another cloture vote on the full unemployment insurance bill, as amended;

3. Thirty hours after that, it’s Thursday morning, the 5th, when the Senate votes on final passage of the bill; 

4. The House of Representatives could take up the bill as early as Thursday afternoon or Friday morning.  They may accept the Senate bill as is, and vote on it.  However, if the House’s version differs from the Senate bill, then the whole thing has to back through Conference. That’s unlikely at this point – and undesirable.

5.  The plan, and hope, is to have the bill on the President’s desk as soon as next weekend, November 7-8.

Obviously, this is all subject to change without notice; after all, this our Congress we’re talking about!  The one thing, however, that you can always count on, is help and advice on your home sale or purchase. with Nancy & Company! If you are looking for a home in the Atlanta area, call or send us an email today. Experience True Experience!