First-Time Homebuyer Tax Credit For Military Members Serving Overseas Could Have Significant Impact On Ohio

WASHINGTON, DC - October 13, 2009 - (RealEstateRama) — Representative Marcia L. Fudge (OH-11) applauded legislation that grants a one-year extension of the first-time homebuyer tax credit for members of the Armed Forces who served overseas in 2009. It would benefit many Ohio service members overseas in Iraq, Afghanistan and elsewhere. 

The $8,000 first-time homebuyer credit is an extension of the American Recovery and Reinvestment Act. The extension includes members of the military as well as Foreign Service members and intelligence workers.  To qualify, individuals need to have served outside the country for at least 90 days in 2009.

The legislation also waives the repayment clause in the existing credit if a service member receives official orders and is forced to sell his or her house within three years of purchase.

“Northeast Ohio’s veterans and soldiers have made incredible sacrifices our name and we cannot allow them to be left out of the economic recovery.” said Congresswoman Fudge. “ The Recovery Act was a bold step in providing housing stability for our communities and I hope that my colleagues in the Senate will agree to extend those benefits to all of our citizens.”

A summary of the bill is included below:

Service Members Home Ownership Tax Act of 2009 - Amends the Internal Revenue Code to:
(1) exempt members of the uniformed services, the Foreign Service, and employees of the intelligence community on official extended duty service from the recapture requirements of the first-time homebuyer tax credit;
(2) extend the first-time homebuyer tax credit through November 30, 2010, for individuals serving on official extended duty service outside the United States for at least 90 days in 2009;
(3) exclude from gross income payments to military personnel to compensate for declines in housing values due to a base closure or realignment; and
(4) increase penalties for failure to file a partnership or S corporation tax return.

Amends the Corporate Estimated Tax Shift Act of 2009 to increase corporate estimated tax payments in the third quarter of 2014 by an additional 0.5%.

Contact: Aketa Marie Simmons
(202) 579-5571

 

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association