First time homebuyers tax credit - Updated info

Published by admin on October 29,2009

Just got this email from our governmental affairs director, Bill Ruh

"The Senate has reached an agreement to extend the Tax Credit. They need to find a Senate bill with which to attach the amendment. President Obama has announced that he supports the extension and stated "We welcome efforts taken by Congress to extend the first-time home buyers tax credti for a limited period".

There is some mis-information that the Amendment has been passed. The Senate needs to attach the Amendment to a Senate Bill. The bill will then move to a House reconcilation committee. The Recon committee may add or delete provisions before it is sent to the President for signature. That is a very simple version of what will happen. The good news is that the President wants the bill. Senator Harry Reid (Dem) wants the bill. Senator Mitch McConnell (Rep) wants the bill. Both CA U.S. Senators - Feinstein and Boxer want the bill. It will be extended, it is just a matter of details.

I will follow this measure. It is changing hourly."

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