Tax Credit Extension Proposed for Military
Good news may be on the horizon for service members in Tampa. A Bill in the House of Representatives, “H.R.3590: The Service Members Home Ownership Tax Act of 2009″, proposes to amend the Internal Revenue Code for members of the Armed Forces by waiving some of the restrictions on the first-time home buyers tax credit. One of the restriction lifted would include removing the tax credit repayment if a home is sold within three years of purchase due to a military transfer. The bill would also extend the tax exemption for payments to military personnel as a result of declining home values due to base closures. Click here to read the Bill.
As you know, Tampa’s MacDill AFB is the home of the U.S. Central Command (CENTCOM), U.S. Special Operations Command (SOCOM), the Joint Communications Support Element (JCSE), the 6th Air Mobility Wing and many other units. Beyond these active units, an estimated 130,000 veterans have made the Tampa Bay area their home. Tamba Bay service members have experienced extensive overseas deployments and may not have been able to participate fully in the tax credit for first-time home buyers.
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