Cape Coral Florida's Real Estate Guide

 WASHINGTON June 25, 2010 As previously reported, H.R. 5569, a bill to extend the authorization of the National Flood Insurance Program (NFIP) until Sept. 30, 2010, passed the full U.S. House of Representatives as a stand-alone billearlier this week. (Read previous article)

The House-passed bill went to the Senate yesterday, and the National Association of Realtors® (NAR) hoped Senators would take it up, and pass it, last evening or today. However, the Senate adjourned and the issue is now postponed until at least Monday.

NAR has already sent a letter to each U.S. Senator urging quick passage of HR 5569.With NFIP shut down for 25 days now, NAR is actively working with the Senate to take up and pass HR 5569 before Congress' July 4th recess.

Tax credit extension A separate omnibus bill that includes a separate flood insurance extension also includes language that extends the homebuyer tax credit past its June 30 closing date. However, the omnibus bill remains controversial and is not assured.

It has yet to pass either the Senate or the House. "In addition to several provisions we like in that omnibus bill, the legislation also contains provisions we're not as happy with, such as changes to the taxation on "Carried Interest," says Florida Realtors Vice President Of Public Policy

John Sebree. © 2010 Florida Realtors®