Oct. 14, 2009

House Extends Tax Credit to Overseas Military for One More Year

The US House of Representatives unanimously voted to extend the $8,000 first time home buyers tax credit for an additional 12 months to anyone in the military, the Foreign Service, and employees of the intelligence community on official extended duty service  who has served overseas for three months in 2009. The  vote was 416 to zero, and the bill now has to go the US Senate and the President for final approval.

This new extension will give up to 350,000 military families currently serving overseas until November 2010 to the $8,000 tax credit.  The IRS "recapture" rules will be waived for any service member who is deployed and must sell or rent their home.

The "Service Members Home Owners Tax Act" (HR 3590) is now heading to the Senate Finance Committee to review the bill and hopefully move it to a vote in the full Senate. With a unanimous vote in the House it should be easy to pass the senate and find it's way to the President's desk.
Maybe this is a small step in the direction of extending the $8,000 tax credit to first time home buyers.

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