The house voted unanimously to extend the $8000 tax credit for active mlitary personnel who are currently servng overseas or who have spent 90 days out of the country in service. They are also waiving the 3 year of residency requirement. Since military personnel are moved a lot they do not have to remain in the home for 3 years to not have to pay it back.
WASHINGTON, DC - October 12, 2009 - (RealEstateRama)- Congressman Dennis Moore (Third District -Kansas) announced today the passage of H.R. 3590, The Service Members Home Ownership Tax of 2009, which amends the federal tax code to ensure military personnel can take full advantage of the first-time homebuyer tax credit that was created as part of the American Reinvestment Act (ARRA). The measure passed the house by a unanimous vote of 416-0. Moore is a co-sponsers of the legislation.
"As a veteran, I know how important it is to support our military and their families, "Moore said. H.R. 3590 is a common-sense bill to help the members of our armed forces and Foreign Service take advantage of this sucessful tax credit that is already helping to stimulate our economy. " Current law requires first-time homebuyers who utilize the $8000 tax credit created by ARRA to repay the credit if they move from their principal residence within three years of closing. Because many military and foreign service personnel are required by federal orders to redeploy overseas within a three year period, it was important for Congress to write an exclusion for them into federal law. The defecit-neutral Service Members Home Ownership Tax Act Act ensures that service members will not be forced to repay the tax credit if they are called for overseas duty and forced to sell their home within three years of purchasing it. The measure would also extend the deadline for utilizing the first-time homebuyers tax credit for service members who served outside the U.S. for at least 90 days in 2009. This bill will help returning veterans take advantage of the tax credit, which is currently scheduled to expire on November 30, 2009.
Tye Caldwell Sr. REALTOR, Licensed in Georgia and South Carolina. Call or text Tye at 706.288.7319 for appointment.
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