$8000 Tax Credit Extended?--It's TBD

Many people have asked me if news reports about the US Congress extending the $8000 tax credit for first time home buyers are true or not. The bill containing language to extend the $8000 first time home buyer tax credit is in the middle of the legislative process. Last Friday I received a request from NAR to send letters to my 2 Senators and US representative. That request was the clear sign that the final votes had not yet been taken.

Here's an excerpt from an email with a colleague who called Linda Goold at NAR, the National Asso of Realtors, for clarification.

"Linda Goold serves as the Director of Federal Tax Programs for the National Association of REALTORS® and works for the NAR in Washington, DC. She is an advocate for NAR tax policies that protect and enhance ownership and investment in both residential and commercial real estate.

The current news reports are misleading. Senate has agreed to the content of the home buyer tax credit extension with some modifications, BUT senate not taken vote on final passage. It will be GOING UP FOR VOTE MONDAY EVENING at 5:30pm. Then it would have to go back to the house, but expectation is that the House will take it up the next day and approve it without amendment, and then it will go to President.

When I asked how long it might take to go before the President, Linda said that sometimes it takes a while, and sometimes it will occur the next day – it has to be printed on parchment and go through an administrative process. This bill extension of home buyer tax credit is included in an extension of unemployment insurance benefits, which Linda says she has "to think the president will want to sign it as soon as possible. Hopefully it’ll be accomplished a week from now, but no guarantees.""

So, the extension is to be determined (TBD).

I'll let you know what the results are after the bill is signed and the dust settles.