I received this e-mail earlier this afternoon. An additional concern to many of us is the flood insurance extension. All the best. -Maggie Hawk
Subject: Update from Washington
Both of our issues are very much in play in the US Senate - the flood insurance (NFIP) extension and the Tax Credit extension are moving in two separate bills. There are stand alone bills to extend both of these until September 30th. Those stand alone bills have both passed the House and just need a Senate vote. Both extensions remain part of the larger omnibus tax extenders bill as well. That larger bill extends unemployment benefits (among other things) and Republicans in the US Senate wonâ€™t agree to the unemployment benefits extension until Democrats say how theyâ€™ll pay for it. We are held hostage at the moment because of these unemployment benefits but negotiations are ongoing off the floor.
NAR is pushing as hard as they can for a vote this afternoon. We know that there are 14,830 transactions in Florida that were under contract by the April 30th deadline and have not closed. Both Senator Nelson and Senator LeMieux are well aware of this number.
Again, I know everyone is craving information and so are we. You can see the full Senate floor schedule via this link: http://democrats.senate.gov/calendar/2010-06.html
You can also watch live coverage of the Senate on C-Span 2: http://cspan.org/Watch/C-SPAN2.aspx.
The Senate just voted on the General Petraeus nomination and the schedule shows them going back to the Extenders bill. Senator DeMint from South Carolina is speaking against the tax credit extension at this very moment. If there is still no deal on the extenders package they will likely skip over it and come back to it later. The Senate is well known for working late into the night. Please encourage your buyers to hold on! While we want these votes today, there is always the chance it falls to tomorrow.
Also of note is that there will be Memorial observances for Senator Byrd from 10-4pm tomorrow, July 1. The Senate will not be in session during that entire timeframe.
I promise I will send any additional morsel of information as I get it.
John M. Sebree, DPL
Vice President of Public Policy | Florida RealtorsÂ®
P.O. Box 1853
Tallahassee, FL 32302
Tax Credit Extension Fails
(June 30) â€” At approximately 8:15 p.m. Central time, the Senate failed to cut off debate and vote on the unemployment bill that includes an extension of the closing portion of the homebuyer tax credit.
There is still the very slim possibility that the Senate could take up the tax credit extension separately or as part of a few other bills. If you have buyers with deals pending, NAR urges you to encourage them to retain their paperwork in the event lawmakers pass the tax credit extension retroactively.
Here is a snipet of info that was in my email update this morning!
An amendment that would have extended the closing deadline for the homebuyer tax credit by three months failed on the Senate floor this week. Senate Majority Leader Harry Reid (D-Nevada) proposed the extension, and the amendment itself was approved by a large margin last week as an add-on to H.R. 4213, the American Jobs and Tax Loopholes Act. The amendment would have extended the tax credit deadline for closing on a home purchase to September 30. The current deadline is June 30. The tax credit amendment was just one piece of the multi-faceted bill that was primarily intended to extend unemployment benefits for Americans out of work for more than six months.
Source: DSNews.com, Carrie Bay, (06/25/2010)
Hope this helps to clear all of the rumors!
Coldwell Banker The Real Estate Group, Inc.