I don’t have the vote count yet, but the Mortgage Bankers Association says the House of Representatives passed the extension of the homebuyer tax credit . Now all the bill awaits is a presidential signature.
Update: The bill passed the House 403-12. The Senate passed the same bill yesterday 98-0.
The U.S. Senate passed the bill containing the homebuyer tax credit expansion and extension unanimously on Wednesday, 98-0.
Looks like a possible extension of the homebuyer tax credit could potentially take another couple of days to come to a vote:
The following comes from Congress Daily, which has been quoted by Progress Illinois:
Monday’s vote cut off debate on the substitute amendment from Majority Leader Reid and Finance Chairman Max Baucus adding the tax breaks to the underlying unemployment insurance bill. Another cloture vote, this time on the amended bill, could occur as late as 11:40 tonight unless Republicans yield back time or agree to vitiate cloture. Even if cloture is invoked, Republicans would have up to another 30 hours to debate, pushing final passage off until Thursday.
So, there could be a vote tomorrow, or not until Thursday.
Looks like Congress will be extending that homebuyer tax credit afterall. First time homebuyers, known to the IRS as people who haven’t owned a home in the last three years, have been frantically trying to get into contract on a house in time to get an $8,000 federal tax credit due to expire on Nov. 30. But some of them have had such a hard time outbidding cash buyers that they despaired of making the deadline.
Well, they’re in luck. The Senate just passed a cloture motion to end debate on a bill, 85-2. that will extend the tax credit to April 30, 2010. The bill should find it’s way through floor votes in both Senate and the House by the end of tomorrow, if Senate Majority Leader Harry Reid has his way.
But the bill will not just be extended, it will also be expanded. From Bloomberg:
Homebuyers who have lived in their prior residences for at least five years could receive a credit of $6,500 under the plan. Couples earning as much as much as $225,000 and individuals earning up to $125,000 would also qualify. That’s up from the current $75,000 limit for individuals and $150,000 for couples.
Also, anyone taking the credit from a home purchased in 2010 would be able to take the credit in 2009.
So, to recap: Homebuyer tax credit takes a major step toward extension and expansion. No doubt there’s a great rhyming headline there somewhere.