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Extending the First Time Home Buyers Credit for Military Families

Via Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World):

The 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.

Posted by Shirley Parks, North San Antonio TX Real Estate 210.414.0966 on 10/13/2009 11:38 AM

Comments (7)

Originally posted at: Shirley's San Antonio Real Estate Blog: Extending the First Time Home Buyers Credit for Military Families

7 Comments on Extending the First Time Home Buyers Credit for Military Families

OCT

Hi Shirley... I am totally in favor of this added benefit for military families. It's the very least we can do to repay their sacrifices for all of us.

Shirley I certainly can go along with that. As Steve said that is the least we can do for our military.

I am in complete support of this bill. I specialize in VA home loans and first time home buyers.

Our military folks have been scrambling to find homes, with one spouse doing the searching, while the other one was deployed. As if they don't already have enough to worry about.

It would be wonderful if they could have a specific extension for deployed military.

OCT

It makes sense to extend the credit to those who are serving or have served overseas in 2009- I'm glad to see this extension, it is the right thing to do.