There are dozens of articles on this site about the Home Buyer Tax Credit. You can see them all here.
For the most recent news about the Home Buyer Tax credit, please see this article (July 2, 2010).
I’m seeing all sorts of communication coming across Twitter, blogs, Facebook et al such as this:
Home Buyer Credit is Extended! Yeah!
The tax credit as been extended and includes repeat buyers.
I have confirmed the $8k tax credit with CPA as well as mortgage regional manager
Homebuyer tax credit deadline extended…a $6500 credit given to those primary home purchasers.
Extended!! First-time home buyer tax credit and NEW current homeowner tax credit!!!
And this goes on and on and on.
Here’s the deal folks, and pardon my shouting, BUT THE TAX CREDIT HAS NOT BEEN EXTENDED!
I’m not saying it won’t be. In fact, it is looking like it probably will be extended and maybe even expanded to include “move up” buyers as well as having the income limits raised.
BUT IT HASN’T EVEN BEEN FORMALIZED AS A BILL YET, and not one single Senator or Congressman has cast a vote for (or against) a tax credit extension.
This “reporting” by droves of people, the vast majority of which are real estate professionals, that the tax credit has been extended is completely and utterly incorrect.
And in my opinion, it’s incredibly unprofessional.
READ the mainstream articles your are linking to people. Statements like these should be your first clue:
Senate negotiators reached a tentative deal”¦
If the Senate actually passes the bill, the House, where over two dozen versions are floating around, may finally decide to act.
The White House doesn’t fully support the extension and expansion because it’s concerned about the cost and adding to the deficit.
Senate likely to extend homebuyers’ tax credit
When you see words such as “negotiators”, “tentative”, “if”, “may”, “likely”, etc. that is a pretty damn clear indication that nothing has been finalized.
The other huge clue that this extension / expansion isn’t final is in the Constitutional process that dictates how legislation is passed in this country.
Seen any press regarding the Republicans? How about the House of Representatives? Think it doesn’t matter that the White House “doesn’t fully support the extension and expansion”? Seen a Senate or House vote yet???
Don’t understand the legislative process? Crack open a government text book. Ask your kid. Watch this video:
For the love of humanity, please stop with patently false reporting that the tax credit extension is a done deal!
My friend Shane Hollenback, an outstanding Certified Mortgage Planner, summed up my thoughts on this ridiculous “reporting” in less than 140 characters:
Update: I originally posted this article under the title. “Sigh. THE TAX CREDIT HAS NOT BEEN EXTENDED. Yet.” I quickly realized the *sigh* could easily imply that I’m sad the credit hasn’t been extended. That’s not the case. Though I’ll likely be arrested by the Realtor Associations for Treason, I don’t think the credit should be extended (more on that later). The *sigh* was meant to signal a sigh of frustration for the lame ass “reporting” my fellow professionals are doing.