CUELLAR: CONGRESS VOTES TO EXTEND FIRST-TIME HOMEBUYER TAX CREDIT FOR TROOPS
Written by Post Public Information Representative, Oct 10, 2009, 0 Comments
Courtesy Ashley Patterson,
House votes to extend the program so overseas troops can take advantage of the credit upon coming home
Washington, DC – Congressman Henry Cuellar (TX-28) today announced the House voted to extend for a full year the first-time homebuyer tax credit program for military service members. The program, available to first-time homebuyers, is currently scheduled to end this December.
“During these tough economic times, it is more important than ever to keep our troops overseas in mind,” said Congressman Cuellar. “By extending and modifying this program, we ensure that our troops have the opportunity to take full advantage of these tax credits.”
The Homebuyer Tax Credit Program was included in the American Recovery and Reinvestment Act which Congress passed in February 2009. The bill provides a tax credit worth up to $8,000 to first-time homebuyers who purchase homes between January 1, 2009 and December 1, 2009.
This week, the House passed H.R. 3590, the Service Members Home Ownership Act, and if passed by the Senate and signed by the President, the bill would extend the deadline of the program by one year for military personnel. The measure would also ensure that service members would not be required to repay the tax credit if deployed to a different location within three years of buying their home.
“These are common sense changes to the program which will have a positive impact on the lives of our men and women in uniform,” said Congressman Cuellar. “It’s my hope that we’re able to extend this tax credit to all Americans for another year. This is a good start.”
The Service Members Home Ownership Tax Act is supported by organizations such as the American Legion, Veterans of Foreign Wars, Military Officers Association of America and the National Association of Realtors.
This deficit-neutral incentive program is paid for by increases in IRS penalties for failure to file certain corporate income tax returns, and meets the fiscally conservative Pay-As-You-Go spending rules passed by the House this summer.
