Congress May Pass New Homebuyer Tax Credit This Week
Two sources—the New York Times and Reuters—are reporting that Congress will likely be renewing the first-time homebuyer tax credit in the next few days. "After weeks of partisan bickering, the Senate voted 97 to 1 to clear a procedural hurdle and move to final passage on Wednesday or Thursday. The House of Representatives is expected to approve it quickly and send it to President Barack Obama to sign into law," according to Reuters.
The original credit was set to expire on Nov. 30. Last week, we learned that the new version of the credit will extend to some current homeowners looking for their next purchase, and that it would apply to all contracts entered by the end of April, and closing before July 1 (via Wall Street Journal).