Extension of Tax Credit Clears One Hurdle

The United States House of Representatives has just passed  HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5.  This bill extends the deadline for closing tax credit eligible transactions from June 30 to September, 30, 2010.   The bill moves to the Senate where the outcome is much less certain.  NAR will continue to provide updates as the events move forward. They are also still working on  reinstatement of the National Flood Insurance Program.

The final outcome will be posted on www.realtor.org/government_affairs on July 1, 2010.

Here are the latest details on the national Flood Insurance Program:
The Senate will NOT have any votes today (Friday, June 25) this will push the consideration of H.R. 5569 (National Flood Insurance Program Extension Act of 2010) to the week of June 28, 2010.

NAR is working with Senate leadership in both parties to urge the Senate act quickly to pass H.R. 5569.

Additional information is available at http://www.realtor.org/government_affairs/natural_disaster.

 


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