Posted to: First Time Home Buyers

Home Buyer Tax Credit Extension

That tax credit that I have been blogging about for some time now, that tax credit that is about to expire?  Well, I have a little bit of good news for our military clients serving (or having served) overseas. The House of Representatives voted unanimously Monday to extend the deadline for the home buyer tax credit for some.HR 3590 will allow eligible military personnel and foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond the current Nov. 30 deadline. Those meeting the underlying requirements for the credit must also be serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year. It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected by the new law.

The bill was introduced by Representative Charles Rangel (D-NY) because it was thought that families serving overseas were being passed over for this one-time opportunity to purchase a home. It passed the Housed passed with 416 votes and 16 abstentions.

It is anticipated that the bill will also be approved by the Senate, but it is not law yet.

So what about the rest of you?  Go buy now.