First Time Homebuyer Credit Likely To Be Extended For Military
If you haven't had the opportunity to take advantage of the First Time Homebuyer's
credit and you are serviceman or woman, you a new tax credit currently being considered in Congress may bring some good news your way. According to reports, Congress is considering making a major change to the tax credit with the help of several smaller bills that are being collectively referred to as the "Service Members Home Ownership Act of 2009." As the name implies, these changes will only affect military personnel in terms of being eligible to take advantage of the credit. Nonetheless, these proposed changes are being interpreted by many to be a sign that more changes may be on the horizon.Through this new legislation, servicemen and women will be made exempt from the stipulation of the First Time Homebuyer's credit, which requires buyers to occupy their homes for three years following the purchase in order to fully qualify for the credit. Obviously, this guideline serves as a problem for military personnel who may be called upon to transfer overseas after purchasing their homes. While overseas, many military personnel choose to rent out their homes or to simply let them sit vacant, both of which would cause them to be deemed ineligible to keep the credit they received when purchasing the home.
With the help of the bill proposals, military personnel who sell their homes within the first 36 months because they are transferred to a new duty station or sent overseas will not be responsible for repaying the tax credit. Rather, the time they spend away from their homes while serving their country will count toward fulfilling the requirement.
For military personnel who missed out on the tax credit because they knew they wouldn't qualify due to an upcoming transfer or overseas posting, the proposed bill will also provide them with an extension. Rather than expiring on November 30, 2009, the deadline will be extended to November 30, 2010 for those who served outside of the United States for at least three months in 2009.
These proposed changes represent the first major changes to be made to the First Time Homebuyer's tax credit since it was first set into action. For some, the proposal to make these changes is a promising indication of additional changes and extensions being made to the general public. Whether or not extensions will be proposed to anyone other than military personnel, however, still remains to be seen.
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