Michigans Hardest Hit Fund

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June 21, 2010

     The June 30 closing date may be extended because U.S. Senators Johnny Isakson and Harry Reid have filed an amendment that may be offered to a major tax and jobs bill. The bill, HR 4213, is a huge piece of legislation that would renew and extend a series of provisions (including the 15-year recovery period for leasehold improvements) through December 31, 2010. The bill also includes extensions of various government program, including unemployment insurance and flood insurance. The bill has passed the House and is likely to be called up for debate in the Senate as early as today.

     The Isakson-Reid amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8,000 and $6,500 tax credits. The amendment would extend the required June 30 closing date through September 30, 2010. The introduction of the amendment does not guarantee consideration; any of several procedural obstacles could derail it..

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