A few hours ago, it looks like a deal was finally sealed in the Senate to allow a vote on the homebuyer tax credit (as part of the unemployment insurance bill) on Monday. You can see the text of the whole bill here. The tax credit provisions begin on page 14.

Don't forget to drop a note to your Senators over the weekend to stiffen their spines and make sure they vote to extend and expand the credit.

[UPDATE] Near as we can tell at this moment, the process from here will go like this:


1. There will be a cloture vote at 5 pm on Monday in the Senate on the new Baucus substitute. If it succeeds, it takes 30 hours to "ripen," i.e., before the bill can be brought to the floor.

2. Thirty hours later it's Tuesday night. There will likely then be a cloture vote on the full unemployment insurance bill, as amended.

3. Thirty hours after that, it's Thursday morning, when the Senate will vote on final passage of the bill.
 

4. The House could take up the bill as early as Thursday afternoon or Friday.  They likely will just accept the Senate bill and vote on that.  If their bill differs from the Senate bill, then the whole thing has to back through Conference. That's unlikely at this point - and undesirable. 

5.  The plan/hope is to have the bill on the President's desk as soon as next weekend.

Obviously, this is all subject to change without notice. This is the Congress, after all.
 

You can see from the above that it is important to keep weighing in throughout the week - and sending this link to your network of friends, colleagues, family, neighbors, customers, employees, suppliers and urging them to do the same.  The amount of emails being sent through this site has been fantastic - keep it up!

[UPDATE] Nov. 4 : Senate passes the bill 98-0

[UDPATE] Nov. 5: House passes bill 403-12 - sends to the President for signature. 

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"I am in Sales and this $8,000 tax credit has definitely been a catalyst to new home sales and would continue to be in all of our neighborhoods. We certainly hope this can be extended to continue to rebuild our economy. "

Sue
Maryland

Notable Voices

"Housing historically has been a key factor in helping the economy pull out of a recession. Extending the credit will help reduce the supply of houses for sale, stabilize prices and return housing to its rightful place in the economy."

Bernard Markstein
Senior Economist for the NAHB.

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In The News

Congress should expand $8,000 home-buyer tax credit

The federal stimulus package passed in February has many detractors, but nearly everyone agrees that one provision - the $8,000 first-time homebuyer tax credit - is working precisely as planned, stimulating demand amid record-high unemployment and economic uncertainty. So it's crucial that when Congress returns from recess next week, lawmakers extend the soon-to-expire credit through 2010. And if they want to bolster the fledgling recovery, they'll expand eligibility.

Mercury-News, September 3, 2009
Read the full editorial here