The New York Times is just now reporting that the US Senate has just voted to extend the Home Buyer Tax Credit.
There’s not much meat in the report, which was filed at 5:54pm Arizona time. It makes me wish (yet! again!) that Big Media reporters were required to state the name of the bill or law they’re referring to. Because the Senate Bill (#1230) that I linked to earlier today still says it was last acted on in June.
The Senate approved the bill. Visit our broker for a refresher course on how a bill becomes law. It’s gotta get through the House and then our President has to put his cack-handed signature on it (and I mean that Old English-ism in the original Old English sense). It’s not quite there yet.
eta - surprisingly, the Arizona Repulsive Republic has more meat in their report:
The legislation would extend the $8,000 tax credit through June of next year as long as the buyer enters into a binding contract before April 30. It doubles the income ceiling for qualification to $125,000 for individuals. The credit is available for homes purchased at under $800,000.
[The bill also includes a] new $6,500 credit for existing homeowners, said Sen. Johnny Isakson, R-Ga., a cosponsor of the measure, “is going to help us boost what is the problem in the U.S. housing market today and that is what is called the move-up market.”
11-5-09, edited to add: Readers, don’t skip the comments. Comment #1 is from our broker Jay Thompson who’s about the most reliable person I know for keeping on top of real-estate related political issues.
Heather Barr is a Realtor. She's a chow hound, a gym rat, and the only political junkie in the USA who can actually keep her political views to herself. Instead, she focuses on educating her clients about the often-confusing world of residential real estate.
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The tax credit was a Senate amendment attached to H.R. 3548.
What will likely confuse many if they look up HR 3548 is that right now it is showing as “passed by House”. And it was, but since the Senate amended it, it has to go BACK to the House for another vote there.
Most of the mainstream media is reporting that the House is likely to take swift action (some say as early as tomorrow), pass it, and send on for the cack-handed signature.