Wednesday, October 28, 2009

Another Home Buyer Tax Credit Update

by Bill McBride on 10/28/2009 12:53:00 PM

Yesterday I heard a compromise had been reached on extending and expanding eligibility for the home buyer tax credit, and that the housing tax credit would be attached to the extension of unemployment benefits, and that the Senate would vote today - and a House vote would follow shortly.

Hold on ...

Albert Buzzo at CNBC reports: Senate Vote On Home-Buyer Tax Credit Unlikely Today. Buzzo says there is "no chance" the Senate will vote today on the home buyer's tax credit.

There was hope last night that a vote on one of several versions might be voted on Wednesday but a battle over legislation extending unemployment benefits is taking priority and right now there's "no agreement" on that issue ...
CNBC's Diana Olick provides the same details that I heard on the tax credit: A Compromise on Home Buyer Tax Credit? and adds:
[T]here may have been a bit of a revolt among Democrats who didn't want the controversial measure attached to the Unemployment Insurance bill.
And from Andy Sullivan and Corbett Daly at Reuters:
Reid had wanted to attach a bill to extend the homebuyer credit as an amendment to a bill to lengthen insurance benefits for unemployed workers. The Senate voted 87-13 on Tuesday to take up the insurance benefit bill, but did not attach the homebuyer tax credit to the measure as Reid had wanted.

Despite that apparent roadblock, Senate Finance Committee Chairman Max Baucus, who has been involved in negotiations over the tax credit, told Reuters late on Tuesday that he expected the Senate would vote on the bill sometime this week.
As Ms. Olick concluded: "Stay tuned. It could all change dramatically."

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