House Passes Homebuyer Tax Credit Extension for Military

On October 8, 2009 the House unanimously approved the Service Members Home Ownership Tax Bill of 2009 (HR 3590). The legislation would extend the $8,000 homebuyer credit for one year for members of the military stationed overseas in 2009. It would also waive the three-year holding period requirement for members of the military, Foreign Service, and intelligence communities who are required to relocate before the end of the three-year period. To pay for these changes, the legislation includes an increase in the failure-to-file penalties for partnership and S Corporation returns and shifts the timing of corporate estimated tax payments in 2014.