Friday, October 30, 2009

The news is misleading! Tax Credit Extension – the real status

My friend just posted this:

I found the news reports to be a little confusing regarding the agreed continuation and modification of the first-time homebuyer tax credit, so I contacted NAR (National Association of Realtors) to get clarification.

Here are the results of my conversation with Linda Goold. 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.

I’m paraphrasing her comments:

The current news reports are misleading. Senate has agreed to the content of the home buyer tax credit extension with some modifications, BUT senate has not taken vote on final passage. It will be GOING UP FOR VOTE MONDAY EVENING at 5:30pm. Then it will 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 the 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.”

Aaron Lebovic