The House of representatives passed a bill 3590 on October 8, 2009 that:
“…. Amends the Internal Revenue Code to: (1) exempt members of the uniformed services, the Foreign Service, and employees of the intelligence community on official extended duty service from the recapture requirements of the first-time homebuyer tax credit; (2) extend the first-time homebuyer tax credit through November 30, 2010, for individuals serving on official extended duty service outside the United States for at least 90 days in 2009; (3) exclude from gross income payments to military personnel to compensate for declines in housing values due to a base closure or realignment; …..”
You can view the bill here in this link:
H.R. 3590: Service Members Home Ownership Tax Act of 2009
Short simple and to the point, eligible service members who served at least 90 days in 2009 have until the end of 2010 to claim the $8,000 First Time Home Buyer Tax Credit. While the House voted OVERWHELMINGLY in favor of it the bill still must pass the Senate and be signed into law, let’s hope the politicians get it right this time, our Veterans deserve this and more!
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Your Friend in Real Estate,
Jason Burkholder
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