Southern New Hampshire Real Estate and Short Sales

Senate OKs Tax Credit Extension for Homebuyers….Maybe….Maybe Not

 

Senate OKs Tax Credit Extension for Homebuyers….Maybe….Maybe Not. 

All week long my inbox has been filled with articles with similarly encouraging (and misleading) headlines…

Senate Approves Extension of Tax Credit Closing Deadline

The Senate Approves Plan…

The Senate Has Passed An Amendment…

All of which would lead the unwary reader to believe that this is a done deal...that the Tax Credit Closing Deadline had actually been extended until September.  However, if you read the fine print (if, in fact, they bothered with the fine print which some did not) you would realize that the only thing that was actually “approved” was tacking the proposal on to a hotly contested Senate Bill, which, among other things, included an extension of jobless benefits, substantial aid to cash-strapped states and a series of tax credits aimed at both businesses and individuals. These include a measure allowing businesses to write off research and development expenses, and one letting individuals to claim state sales tax against their federal tax burden.

The very same Bill that is right now dying a slow death by filibuster on the Senate floor.

In the meantime, countless Loan Originators, Processors, Underwriters and Prospective Home Buyers and Sellers have been lulled into a false sense of relief, thinking they have been given a reprieve.

Maybe….maybe not.

 

 

Comment balloon 5 commentsJoy Baker • June 24 2010 07:37PM
Senate OKs Tax Credit Extension for Homebuyers…. Maybe…. Maybe Not
share
Senate OKs Tax Credit Extension for Homebuyers…. Maybe…. Maybe Not. All week long my inbox has been filled with articles with similarly encouraging (and misleading) headlines… Senate Approves Extension of Tax Credit Closing… more