UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday,before ending session,the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th…
UPDATE-June 30th-As the Willie Nelson song goes. “Turn out the lights,the party’s over”….well at least for now…Today,the last day the Senate is in session before the 4th of July break,there was yet another motion for cloture (to end debate) on H.R. 4213 and once again,like the previous 2 or 3 attempts,the motion was rejected….The Senate is now on recess until July 12th so nothing is going to happen at least until then….there is still hope with H.R. 5623 …for updates on that bill click here
UPDATE-June 29th –Today the House passed a new stand-alone bill that would extend the closing date for tax credit deals until September 30th…for complete details and future updates on this bill see post by clicking here.
UPDATE-June 28th- While I’m not aware of anything new happening on this in the Senate,I did a press release a little while ago from the National Association of REALTORS which stated if the closing date deadline for tax credits is not extended then up to 180,000 home buyers will lose their tax credit through no fault of their own….this would include buyers in every single state. NAR is strongly urging the Senate and the House to act quickly to pass the legislation to permit the extension…let’s hope they are listening…
Dennis Norman
UPDATE-June 24th-10:25 pm- Well,so much for my prediction (guess)….The Senate did not make any real progress today on this….there was a motion to end debate on the bill with the Baucus amendment but it did not pass…so at this point,nothing….
UPDATE –June 24th –yesterday there was a vote in the Senate to table the motion to concur on the Baucus amendment (S.AMDT 4369-This has the closing extension in it) that passed which essentially put it out to pasture at that point…However,Sen Reid introduced for Sen Baucus S.AMDT 4386 which also extends the closing date to on or before September 30th in it… Later in the day there was a motion for cloture on the amendment that passed,therefore ending debate on the motion….It is on the calendar today to be taken up so my guess is (and this is just a guess) is they will pass the bill today with the new Baucus amendment…-end of update.
Yesterday I wrote about the possibility of Congress extending the deadline to close on a purchase of a home for the home-buyer tax credit as a result of a Senate Amendment 4344 proposed by Harry Reid to amend Senate Amendment 4301 which amends H.R. 4213. Wow,did you follow all that? The bottom line is the Senate amendments would add to the House Bill that passed an extension of the deadline for purchasers to close on a home purchase to September 30 to qualify for the home-buyer tax credit. It is IMPORTANT to note that this DOES NOT change the deadline of April 30th to have entered into a contract to purchase a home…so if you haven’t bought yet,it’s still too late to get the credit. However,if you are one of the people that did buy but are struggling to get the purchase closed by June 30th to claim your credit,you may be in luck!
Yesterday in the Senate,the underlying amendment,Senate Amendment 4301 was withdrawn however Senator Reid changed his amendment to amend Senate Amendment 4369 (Sen. Baucus) instead. The good news is Senator Reids amendment 4344 did in fact pass yesterday by a vote of 60 to 37 (60 is the minimum number of votes needed to pass). Note,the underlying amendment,Senate Amendment 4369 by Senator Baucus has not passed yet. It is being discussed today in the Senate and if it ultimately passes,it will still require the House of Representatives to accept the Senates amendments to H.R. 4213 before this would be sent to President Obama to sign into law. Therefore,while this is a positive step toward getting the closing date extended,we are not there yet.
I’ll keep following the issue and update this blog as needed.
Related posts:
- House Passes Bill To Extend Closing Deadline For Home-Buyer Tax Credits
- Closing Deadline For Homebuyer Tax Credits May Be Extended
- Home buyer tax credit extension update;Senate Passes Bill
- Home buyer tax credit update-October 30,2009
- Home buyer tax credit extension update;House Passes Bill…On to President for approval
[...] to President for approval (181)A $3,000,000 water-front Fort Lauderdale home for $10? UPDATE (45)Senate Passes Key Amendment to Extend Closing Deadline for Homebuyer Tax Credit (18)Home buyer tax credit extension update;Senate Passes Bill (12)Home buyer tax credit update [...]
[...] passed H.R. 4213,The American Jobs and Closing Tax Loopholes Act of 2010 and then on June 17th I reported that the Senate had passed an amendment to this bill which would ill that passed an extension of [...]
Again,thanks for the great info and I’ll be watching and waiting. Maybe,just maybe we will get something retroactive. Not holding my breath though ……..
Thanks Dennis! Do you know if the current law as it stands defines closing as signing or recordation with the County Recorder? We may get them signed but we have few lenders that are table funding these days. In most cases lenders are requiring original docs back and when it was announced that the Senate had originally passed the amendment most people did not understand,or attempt to investigate,that it was not over. Most people assumed that it was “done”which created a laid back atmosphere and attitude of “we have time now.”Their not laid back now …..
I know it!
I think we are all experiencing the same thing here…
Anyway,I contacted the IRS and really what you need is the HUD docs to be dated by the 30th,the actual financial transaction does not have to take place. Can’t speak exactly to the county recorder though…and I probably should have had that convo taped!
Good luck!
Kim
Fortunately it is the closing itself and not when it is recorded….Here is a quote on this from the IRS site:
“For those who wish to claim the first-time homebuyer credit,the deadline for closing,or going to settlement,on a principal residence you purchased is June 30,2010. In addition,you must have entered into a binding contract to buy the residence on or before April 30,2010.”
Dennis
Dennis,
Any updates on the extension …we are waiting with baited breath hoping it happens.
Thanks for all the great updates!
Thanks Kim…unfortunately nothing happened yesterday in the Senate on the extension and it does not appear to be on the calendar for today….not looking god at this point…The National Association of REALTORS is still lobbying hard for the extension and there is the possibility of getting it added to a small business bill the Senate is currently considering….I’ll post an update as soon as I hear something…For the time being though if there is any way you can close your deal before July 1st you should…Dennis
Looks like the bill is dead in the water because they can’t get the 60 votes for the cloture and this is the third attempt.
Too bad,because it would pass if they ever get past minority hold up.
If you get any word of the extension added outside of HR 4213 please post!
Mark,I agree,it’s not looking good…However I know the National Association of REALTORS are lobbying hard to try to get the Senate to act on it before they adjourn for the 4th of July recess….I’m guessing it’s not the tax credit closing date extension in the bill that is the hold-up…there must be something in the “bigger bill”that some Senators don’t like….I’ll keep watching
Hey Dennis,
Any update? I’ve been searching the senate calendars and came across a roll call vote regarding H.R. 4213. Maybe you can help translate and progress?
“Following Morning Business,the Senate will proceed to a Legislative Session to resume the House Message to Accompany H.R. 4213 (American Jobs and Closing Tax Loopholes Act of 2010). Roll call votes are expected throughout the day.”
Hey Mark,
Following legislation in Congress is not easy,especially with amendments and amendments to amendments,etc…I don’t claim to be an expert at it by no means but think I am sort of on top of this issue…Where things stand at this point with H.R. 4213 is yesterday there was a vote in the Senate to table the motion to concur on the Baucus amendment (S.AMDT 4369-This has the closing extension in it)that passed which essentially put it out to pasture at that point…However,Sen Reid introduced for Sen Baucus S.AMDT 4386 which also extends the closing date to on or before September 30th in it…Later in the day there was a motion for cloture on the amendment that passed,therefore ending debate on the motion….It is on the calendar today to be taken up so my guess is (and this is just a guess) is they will pass the bill today with the new Baucus amendment….
Very true;my personal experience with school house rock how a bill becomes a law isn’t cutting it right now,which is why I’m glad you can help clarify (and out of all the info I’ve found you are the only one that seems to have the correct up to date news –so kudos to you)!
If you could keep us in the loop I,and I’m sure many others,would appreciate it!
Oh yeah,you know it!
I’m sure the Senate is hard at work –doing something …. or other –instead!
Dennis –You’ve got more detail on this than anyone on the net! You’ve got my head spinning. Any updates? We have 3 short sales just approved though the short lenders say they can’t close us that fast. Buyers all need the credit. Thanks.
Julia Fishel
Keller Williams Realty
Palm Harbor FL 34683
Hey Julia,thanks for the compliment! Please see my reply to Mark,the comment right before yours,there’s an update in it…unfortunately not much to report at this point…According to NAR I think there are about 130,000 people in the same boat as your buyers so this will impact a lot of people if it gets done,which hopefully it will..
Dennis
Thanks for the thorough update/explanation.
Any idea when the house will vote on this?
Thanks Mark…The bill won’t go back to the house until the Senate passes it….the amendment to the bill that would extend the closing deadline did pass,but now the entire bill,with the amendment,needs to be passed by the Senate…best I can tell nothing happened Friday and I couldn’t find it on the Senate calendar for this week…not sure when they are going to take it up again,but hopefully soon…Then,assuming the Senate does pass it,it will have to go back to the House for them to approve the changes…