House Extends Homebuyer Tax Credit for Veterans

 On Thursday, the House of Representatives unanimously passed legislation to extend the first-time homebuyer tax credit to veterans and other civilian personnel stationed overseas. The legislation, H.R. 3590, which passed the House by a vote of 416 – 0, provides members of the armed forces, foreign and intelligence services who have been stationed abroad for at least 90 days, another year to take advantage of the $8,000 first-time homebuyer tax credit.

 The current first-time homebuyer tax credit is set to expire on November 30, 2009. Pending Senate approval and signature by the President, veterans and other civilian personnel will remain eligible for the tax credit until the same date in 2010.

 Meanwhile, consideration is being given to extend the tax credit to all first-time homebuyers, not just those individuals eligible under H.R. 3590. The House Committee on Small Business recently held a hearing on this issue, which examined the current state of the housing market and the impact of the first-time homebuyer tax credit over the last year. Information regarding this hearing, which I encourage you to review, is available on the Small Business Committee website <http://email.address-verify.com/m/0b5GdybSvHkKOb6dbvT3JJQ7fxgnwA51KEpMNRkA43UAgi_4QA> .