Dear Bloggers: I just received word that the US House passed the unemployment extension bill that contains the homebuyer tax credit extension/expansion and NOL carry back just a few minutes ago. The final tally was 403 to 12. We had a very strong bipartisan showing.
The tax credit extension would allow the first time home buyer tax credit of $8,000 to continue for homes under contract by April 30th with construction completed by June 30th. It also created a new tax credit for existing homeowners (who have been in their homes 5 years or more) of $6,500 until April 30th.
The full vote tally will be posted here in about 30-45 minutes, if you want to see how particular members voted:
The bill now goes to the White House. We do not yet know when the bill will be sent over to the President or when it will be signed, other than we expect it to occur quickly.
It’s good to know they can agree on something in Washington! This will help real estate in Raleigh and Cary real estate and the entire Triangle! So I would consider the possible passage of this bill as good news for buyers and sellers. God Bless you and yours. marti