Bipartisan Bill Will Modify Homebuyer Tax Credit for Overseas Military Personnel
Washington, DC – October 8, 2009 – (RealEstateRama) — Congresswoman Suzanne Kosmas (FL-24) voted in favor of the Service Members Home Ownership Tax Act (H.R. 3590), which will make changes to home-buying provisions in the American Recovery and Reinvestment Act to benefit active-duty servicemen and women currently, or soon to be, deployed overseas. The bipartisan legislation passed by a vote of 416-0.
The legislation will extend for one year, to December 1, 2010, the deadline for taking advantage of the first-time homebuyer credit of up to $8,000 for qualifying service members, so that certain service members stationed overseas can take advantage of the credit when they return. It will also ensure service members will not have to repay the first-time home buyer credit if they are ordered to deploy to a different location and, as a result, forced to sell their home within three years of buying it.
“Our men and women in uniform have made great sacrifices to defend our country and it is only fair that they be able to take advantage of the same benefits as those here at home,” said Congresswoman Kosmas. “This common-sense legislation will help our troops who have been stationed or deployed overseas to purchase a home when they return and, at the same time, protect those who are redeployed from financial hardship.”
The bill will make certain payments under the Defense Housing Assistance Program (HAP) tax exempt to assist military personnel selling a home that has declined in value if they are forced to relocate.
The Service Members Home Ownership Tax Act is supported by the American Legion, Veterans of Foreign Wars, Military Officers Association of America, National Military Family Association, American Foreign Service Association, National Association of Home Builders, and National Association of Realtors