Legislation Passed To Extend First-Time Homebuyer Tax Credit For Military Members Serving Overseas

Members who served out of the country for 90 days or more in 2009 will have an extra year to qualify for the $8,000 credit

October 9, 2009 -- Congresswoman Chellie Pingree voted on October 7 for legislation that grants a one-year extension of the first-time homebuyer tax credit for members of the Armed Forces who served overseas in the last year. The legislation passed the House 416-16.

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“Our men and women in uniform should not be penalized because they are far from home serving their country,” said Pingree. “This credit is helping hundreds of Mainers make the dream of owning a home come true, and our military members and their families deserve the same opportunity.”

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.

The first-time homebuyer credit is part of the American Recovery Act, passed by Congress and signed by the President earlier this year.

Source: Congresswoman Chellie Pingree