House Passes Bill to Assist Military Homebuyers with Moore’s Support

October 12, 2009

by Kansas RealEstateRama

Category: News || Laws & Taxes | No Comments

WASHINGTON, DC – October 12, 2009 – (RealEstateRama) — Congressman Dennis Moore (Third District – Kansas) announced today the passage of H.R. 3590, The Service Members Home Ownership Tax Act of 2009, which amends the federal tax code to ensure military personnel can take full advantage of the first-time homebuyer tax credit that was created as part of the American Recovery and Reinvestment Act (ARRA). The measure passed the House by a unanimous vote of 416-0. Moore is a co-sponsor of the legislation.

“As a veteran, I know how important it is to support our military and their families,” Moore said. “H.R. 3590 is a common-sense bill to help the members of our armed forces and Foreign Service take advantage of this successful tax credit that is already helping to stimulate our economy.”

Current law requires first-time homebuyers who utilize the $8,000 tax credit created by the ARRA to repay the credit if they move from their principal residence within three years of closing. Because many military and Foreign Service personnel are required by federal orders to redeploy overseas within a three year period, it was important for Congress to write an exclusion for them into federal law.

The deficit-neutral Service Members Home Ownership Tax Act ensures that service members will not be forced to repay the first-time homebuyer credit if they are called for overseas duty and forced to sell their home within three years of purchasing it. The measure would also extend the deadline for utilizing the first-time homebuyer tax credit for service members who served outside the U.S. for at least 90 days in 2009. This bill will help returning veterans take advantage of the tax credit, which is currently scheduled to expire on November 30, 2009.