Rep. Foster Votes to Allow Service Members to Take Advantage of Homebuyer Tax Credits and Benefits

Washington, DC - October 9, 2009 - (RealEstateRama) — Continuing his efforts help military service members and their families, Rep. Bill Foster (IL-14) voted in favor of the Service Members Home Ownership Tax Act of 2009, which would extend the deadline for utilizing the first-time homebuyer tax credit of $8,000 for qualifying service members that was included in the stimulus. The bill passed by an overwhelmingly bipartisan vote of 416-0.

“These military service members have been fighting to protect our freedom overseas, and it is important that we support them and their families when they return home,” said Foster. “It also provides a useful boost to our struggling real estate markets.”

The Service Members Home Ownership Tax Act of 2009 would extend for one year the deadline for utilizing the first-time 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.

The bill would also ensure that service members will not have to repay the first-time home buyer credit if they are called up for service overseas and forced to sell their home within three years of purchasing.

The legislation would also ensure that certain payments under the Department of Defense Housing Assistance Program (HAP) are exempt from tax. The bill is fully paid for, and will not add to the deficit.

“Many of our service members were or are overseas when the first-time homebuyer tax credits were offered this year, and will not have a chance to purchase a house by the November 30 deadline,”” said Foster. “It is important that our men and women in uniform have the same opportunities to obtain homebuyer tax credits as their civilian counterparts, which is why I supported the extension of these tax credits for our service members.”

The Service Members Home Ownership Tax Act is supported by the American Legion, National Association of Home Builders, Military Officers Association of America, National Association of Realtors, Veterans of Foreign Wars, National Military Family Association and American Foreign Service Association.

For more information about the bill, visit http://waysandmeans.house.gov/media/pdf/111/9-14SummaryMilitaryHomeownershipBill.pdf .

Tagged as: HAP, Home Ownership, Homebuyer, Tax, Tax Credits