October 18, 2009

Homebuyer Tax Credit Extended for Service Members

The House of Representatives unanimously passed a bill that calls for a one-year extension of the first time homebuyer tax credit for service members serving overseas.

The bill passed 416-0, and is now in the Senate for consideration.

The bill comes as many in the housing industry are calling for an extension and expansion of the $8,000 tax credit that is currently set to expire on Nov. 30, and there is a bill in the Senate that would extend the credit for all first-time buyers for six months.

The extension is for service men and women, members of the Foreign Service and intelligence community who served on official extended duty service outside the US for at least 90 days in 2009, and their spouses. The bill also eliminates the repayment penalty for first-time homebuyers if the service member sells his or her home within three years of purchase because of deployment.

Some have estimated the tax credit has brought as many as 400,000 new homebuyers to the market that otherwise wouldn’t have purchased.

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