Bill ensures that men and women serving overseas get equal access to tax credits and benefits
Washington, DC – October 13, 2009 – (RealEstateRama) — Late last week, Congressman Baron Hill voted in support of the Service Members Home Ownership Act of 2009, H.R. 3590. The bill was passed by an overwhelmingly bipartisan vote on the evening of Thursday, October 8, 2009.H.R. 3590 ensures that our service members, particularly those deployed overseas, will get equal access to the first-time homebuyer tax credit. For example, the legislation would ensure that certain payments under the Department of Defense Housing Assistance Program (HAP) are exempt from tax. And, the bill guarantees that services members will not have to repay the first-time homebuyer credit if they are called up for service overseas and forced to sell their home within three years of purchasing.
In addition, H.R. 3590 would extend for one year the deadline for utilizing the homebuyer credit for qualifying service members. This provision helps ensure that service members who are stationed overseas can take full advantage of the credit when they return. H.R. 3590 is also compliant with Pay-As-You-Go (PAYO) spending rules and thus does not add to the deficit.
“Our troops serving abroad should also certainly be able to take advantage of this first-time homebuyer credit,” Hill said. “It’s a significant amount of money that has helped lots of families purchase their first home. I’m glad to see this bill passed with such bipartisan support, and I hope the Senate will consider it as soon as possible.”
Contact: Katie Moreau PHONE (202) 225-5315