H.R. 3590: Service Members Home Ownership Tax Act of 2009 Passes in House!

    Hey Peachtree City...The House just passed the bill introduced by Rep. Charles   Rangel (D-NY) to extend the $8,000 First-Time Home Buyers credit to Members of the Armed Forces and certain other Federal employees until November 30, 2010.  The Bill passed unanimously and will now go to the Senate where it is also expected to pass with ease. 

The Bill also amends the Internal Revenue Code and exempts those service personnel from having to pay back the credit should they be deployed for extended duty service. 

So what about the extension of the First-Time Home Buyers credit?  Well so far there has been heavy duty lobbying for the extension of this credit into 2010.  The National Association of Realtors (NAR) has sited that this incentive has been an important stimulus and participation is expected to result in around 1.8 million new home-owners.  

There are currently about 6 Bills in the House related to extending the tax credit.  Georgia's own Senator Johnny Isakson has been a outspoken proponent of extending the credit and introduced his own Bill about a month ago.  Sen. Isakson's proposal would not only extend the tax credit through 2010 but would increase the amount to as much as $15,000 and allow all home-buyers to claim the tax credit just as long as the home is used as the buyer's principle residence.

First-Time Home Buyers....the perverbial clock is ticking it's way toward the November 30th deadline.  Already there has been $1.5 million folks to take advantage of the credit.   however, there are some rumblings from a number of pundits of this proposal that are opposed to adding on the the $15 billion that has already been allocated to this program.

So if you are considering purchasing a home and you meet the First Time Home-Buyer criteria.....don't wait and assume that the extension will happen.  Take this opportunity to start the process now!!!  Oh, gotta go...my phone is ringing now!