Support for Miltary Home Buyers Tax Credits

Military families seeking to buy a home can count on a little tax help. The Homebuyers Tax Credit, which provides eligible buyers with a tax credit of $8,000 for first time buyers and $6,500 for repeat home buyers, ended on April 30, 2010 for civilians. However, active duty military or those on extended overseas duty have until on or before April 30, 2011 to have a binding sales contract in place. The bill also exempts qualified service members on official extended duty from tax credit recapture rules.