Update3: Obama Extends Homebuyer Tax Credit Closing Deadlineby Tim Manni
UDATE3: President Obama signed a three-month extension of the homebuyer tax credit’s closing deadline this morning.
The president also signed into law the “National Flood Insurance Program Extension Act of 2010,” reports HousingWire.com.
Lawmakers weren’t able to agree on the extension of unemployment benefits before their July 4 recess; they’re expected to continue their debate when they return.
We’ll continue to keep you updated as the latest information rolls in.
UPDATE 1 (6/30/10, 10:34 p.m.): Lawmakers voted to approve a sweeping jobs bill that not only extends jobless benefits, but also extends the homebuyer tax credit’s closing deadline until September 30:
Congress has sent President Obama a plan to give home buyers an extra three months to qualify for up t0 $8,000 in federal tax credits. Buyers who already have signed contracts will now have until Sept. 30 to complete their purchases. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The House approved the measure on Tuesday. Legislation in the Senate was approved Wednesday night by unanimous consent.
UPDATE2 (07/01/10): The bill will first need President Obama’s signature before it becomes law. According to the Wall Street Journal, “The President is expected to sign the measure soon.”
The bill also extends flood insurance until September 30. “The reauthorization of the National Flood Insurance Program (NFIP) is retroactive to June 1, the date the program was halted,” according to the Insurance Journal.
Original post (6/30/10, 9:36 a.m.): In a sense this is breaking news: Lawmakers make a last-ditch effort to pass a jobs bill that includes a provision to extend the homebuyer tax credit’s closing deadline before the credit expires at midnight tonight.
Congressional Democrats are struggling to revive a plan to extend emergency unemployment benefits for millions of jobless workers. Although House leaders say they will pass the measure as soon as Wednesday, its fate in the Senate remains uncertain.
After trying for weeks to extend jobless benefits as part of a broader economic package, Democrats said Tuesday that they would jettison all other provisions — including $16 billion in aid to state governments — and push solely for a six-month extension of jobless benefits and a small adjustment to a tax credit for home buyers.