Housing Tax Credit Extension and Expansion one step nearer

On Monday evening, the Senate cloture vote of 85-2 moved the legislation one step closer to a full vote and a potential signing by the President later this week or weekend. HR3548 contains a trio of measures that extend unemployment benefits, extends and expands the housing tax credit, and thirdly allows for recovery of previously paid taxes for companies losing money in 2008 and 2009.

As of Weds evening both Houses had passed versions of the bill that contained similar provisions:

The details of the housing tax credit provisions look like this:

1. The $8,000 credit for first time buyers would extend to to the end of June 2010 for contracts signed by the end of April 2010.
2. For existing home owners who have been in there homes for five or more years, the credit would be $6,500.
3. There are also measures to help the government catch those who attempt to cheat.

The next step is a vote on the bill by the full Senate and then the House. From what I have been reading, little opposition is expected in the House so the bill could be on the President’s desk as early as this weekend. Stay tuned for further updates.

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• Senate Acts to Expand Housing Credit (nytimes.com)
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