Please see more updated posts on the” tax credit extension” where some of these questions & answers & dates are addressed.
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There are many confusing points and valid questions at the forefront of the “tax credit extension” and new credit for second time buyers, and in delving further, I am not finding the answers needed. I am hoping that once the bill is signed by the President, we will be able to see the bill and be able to clarify a few more points.
Here is a good comparison chart provided by the National Association of REALTORS. It does not appear to address whether if a buyer is under contract NOW for the $6,500 and settling after December 1, if they would or would not be eligible. The effective date of the bill is December 1, 2009.
Again, I am hoping for more clarification once it is signed by the President. I wonder if we will see a large amount of settlements extended into December if it is the case!
Not true concerning effective date of the bill for $6500 issue as 12/1/09. Read (j) Effective dates (1) of the bill..
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My response:
Wes, you are right, and my updated posts reflect that, this is one of the older ones before that determination & changes were made.
According to the National Association of REALTOR(R)’s attorneys’ interpretation, (j) (1) is effective date, which is date of bill signed when referring to subsections (b) (c) (d) and (g). The $6500 is not an extension of (a) (f) and (i), which is what (j) (2) refers to.
Here is the link to the details of the bill, the homebuyer tax credit begins at Section 11.
http://www.govtrack.us/congress/amendment.xpd?session=111&amdt=s2712
Thank you!