Home Buyer Tax Credit Closing Extension Has Life – H.R. 5623

The Home Buyer Tax Credit Closing Extension has life. Maybe?

In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday’s deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.

From the WTH Department … I’m clearly not up to speed on my Congressional protocols, but why can’t Congress write and pass a bill that does one thing?

From GOP.gov (bolding mine):

H.R. 5623 would extend the homebuyer tax credit of up to $8,000 for the purchase of a principal residence before October 1, 2010. The current benefits apply to cover buyers who enter into contracts before April 30 and close by June 30. This bill would extend the closing date to September 30, 2010.

The bill would provide any homebuyer who entered into a contract on a home by April 30, 2010, but have been unable to go to closing within the required 60 days; the provision would extend the closing date for an additional 90 days. This provision is estimated to cost $140 million

The bill would enhance information sharing to prevent prisoners from claiming the Homebuyer tax credit.

The bill would apply a bad check penalty to electronic checks. Under current law, taxpayers who submit a bad check or money order to the IRS must pay a penalty of 2% of the amount of the check or money order. If the amount is less than $1,250, the penalty is the lesser of $25 or the amount of the check. Effective after the date of enactment, the provision would apply the penalty to all commercially acceptable instruments of payment.

This bill would modify Travel Promotion Act of 2009. [ed. note.: ????? The Travel Promotion Act?] This provision would extend the authority of the Department of Homeland Security to implement fees related to the recently-enacted Travel Promotion Act for one year, through fiscal year 2011. This provision would reduce the deficit by $95 million over 11 years.

Maybe I’m reading the wrong this. Clerk.house.gov says:

to amend the Internal Revenue Code of 1986 to extend the homebuyer tax credit for the purchase of a principal residence before October 1, 2010, in the case of a written binding contract entered into with respect to such principal residence before May 1, 2010, and for other purposes

I’ll post links to the bill when it’s available.

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1 Comment

  1. Pingback: HR 5623 – Homebuyer Assistance and Improvement Act of 2010 | RealCentralVA.com

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