Great News! The $8000 tax credit has been extended for our military personnel.
The House of Representatives voted unanimously Monday to extend the deadline for the home buyers' tax credit for one group of Americans.
HR 3590 will allow eligible military personnel and foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond its current November 30 deadline. Those meeting the underlying requirements for the credit must also be serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year. It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected by the new law.
The bill, introduced by Representative Charles Rangel (D-NY) because it was thought that families serving overseas were being passed over for this one-time opportunity to purchase a home. It passed the Housed passed with 416 votes and 16 abstentions.
The inside information is the credit will be extended for all first time homebuyers but it is not for sure as of yet.
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