Raleigh NC New Homes: Communities, Lots and Land in the Triangle: North Carolina: Sanford

Extending the First Time Home Buyers Credit for Military Families

Thank you Cindy Jones for updating us on the First Time Home Buyer Tax Credit for military families! 

For anyone who has been stationed overseas and hasn't had a chance to take advantage of the credit, the extra 12 months can make a big difference.

Extending the First Time Tax Credit for Military FamiliesThe US House of Representatives overwhelming voted to extend the first time home buyers credit for an additional 12 months to anyone in the military who has served overseas for three months in 2009.  In a vote of 416 to zero the bill now has to go the US Senate and the President for final approval.

This extension could give up to 350,000 military families currently deployed overseas unitl November 2010 to take advantage of the current tax credit.  In addition the IRS "recapture" rules will be waived for any service member who is deployed and must sell or rent their home. 

Known as the Service Members Home Owners Tax Act this bill also contains the provision to waive the income tax liability currently in the expanded Department of Defense Homeowners Assistance Program.  

The next step for this bill (HR 3590) is for the Senate Finance Committee to review the bill and hopefully move it to a vote in the full Senate.

This seems to be one time that the US Congress, Senate and President should be able to agree.  Extending the tax credit for our military is the right thing to do no matter what your political beliefs.

 

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Comment balloon 4 commentsStanton Homes • November 04 2009 07:20AM
Extending the First Time Home Buyers Credit for Military Families
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