House Extends $8,000 Tax Credit to Active Military for One More Year

On Monday, the House of Representatives unanimously to extend the $8,000 Tax Credit to all active military personnel, foreign service, and intelligence personnel for one more year, ending November 30, 2010. The bill now goes to the Senate, and is expected to pass with similar ease.

Rep. Charles Rangel (D-NY) presented the bill, HR 3590, stating that military personnel serving oversees this year didn't have the same opportunity to take advantage of the tax credit. To qualify, military personnel must have spent a minimum of 90 calendar days of the current calendar year oversees, as well as the original qualifications (see our older blog) for the tax credit. Furthermore, it does not require the borrowers to pay back the tax credit if they are deployed after receiving it. The current tax credit requires borrowers to pay back the tax credit if they do not OCCUPY the home within three years after receiving the tax credit.

There is no information on whether the $8,000 tax credit will be extended for ALL eligible borrowers.

We'll keep you updated on the Senate approval.