June 29 2010 0Comment

Tax Credit Deadline

Tax Credit Closing Deadline Extension and Flood Insurance Update

NAR is working very closely with key Members of Congress and the Senate, and Senior Congressional Staff on two issues of critical importance to the membership: an extension of the June 30, 2010 deadline for closing contracts eligible for the Homeowner Tax Credit, and  a reinstatement of the National Flood Insurance Program.

Here are the latest details on the Tax Credit Closing Deadline:

Our best advice to members with questions and concerns is to proceed as if the June 30, 2010 date is binding. NAR is pursuing all possible options with senior congressional staff to determine what other legislation may be available for passing a June 30 extension.  Each of the possible options face difficult obstacles, but NAR’s efforts to clear the way are ongoing. The Senate will NOT have any votes today (Friday, June 25) this will push the Tax Credit Extension deadline to the week of June 28, 2010. Should Congress extend the date, information will be posted on www.realtor.org/government_affairs as soon as it happens. The final outcome will be posted on www.realtor.org/government_affairs on July 1, 2010.

Here are the latest details on the national Flood Insurance Program:

The Senate will NOT have any votes today (Friday, June 25) this will push the consideration of H.R. 5569 (National Flood Insurance Program Extension Act of 2010) to the week of June 28, 2010. NAR is working with Senate leadership in both parties to urge the Senate act quickly to pass H.R. 5569. Additional information is available at http://www.realtor.org/government_affairs/natural_disaster

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