Fort Bragg NC Relocations may be able to benefit from an extension of the $8000 first time homebuyers tax credit!
We work with many veterans and military families through the "Stanton Homes for Heroes" program and the Veterans History Project - this is great news. Hopefully the Senate will pass as well.
Military families often have to put their home buying plans on hold as they are deployed or transfered. Good to see the House of Representatives working to support them!
Yesterday the House of Representatives unanimously voted to extend the $8,000 first-time home buyer tax credit to active military personnel, foreign service and intelligence officers. HR 3590 extends the existing tax credit to this group until November 30th, 2010. The bill now goes to the Senate, and is expected to pass with the same ease.
The bill was introduced by Rep. Charles Rangel (D-NY) because it was thought that military personel serving oversees this year did not have the same opportunity to take advantage of the tax credit. If the original qualifications are met, the extension applies to military personnel who spent at least 90 days of the current calendar year oversees. It also does not require borrowers to payback the tax credit if they are deployed after receiving it. The current tax credit requires borrowers payback the tax credit if they do not occupy the home within three years of receiving the tax credit.
No word yet on whether the $8,000 tax credit will be extended for all eligible borrowers.
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Penny:
That is wonderful news. We will keep our fingers crossed that it extends across the board for all home buyers.
Christine
Christine - I don't think it will be extended across the board. But I could be wrong. If anyone was going to benefit from an extension, our military families was the right choice.
Word of caution. Remember this is only the house version of the bill. It still has to go through the Senate and to the President before it is law! I'm excited as well but want to make sure no one jumps the gun on saying it is a done deal. The Senate actually has their own version of the bill with some changes as it isn't just the tax credit included in the bill.
Thanks for the post for vets, I will spread the word
In the tax credit bill that passed the Senate in November, a military tax credit extension was included.
http://www.homebuyertaxcreditsite.com/even-longer-homebuyer-credit-deadline-for-military/
This is applied to anyone who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.