Thursday, the House of Representatives voted unanimously to pass the Service Members Home Ownership Tax Act of 2009 extending the current $8,000 first-time home buyer tax credit to November 30, 2010 for members of the military, Foreign Service, and intelligence corp who served at least three months of qualified overseas duty in 2009. At least for now the program is set to expire on November 30th, 2009 for everyone else. The justification for the extension stems from the fact that if you’ve been serving abroad, it makes it difficult to look for a house and take advantage of the program. Extending it another year certainly makes sense.
The bill still needs to pass the Senate, be reconciled, and then signed by the President before it is law. Given the circumstances this seems highly likely.
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