S. 1728 would amend the Internal Revenue Code of 1986 to modify the first-time homebuyer credit in the case of members of the Armed Forces and certain other Federal purposes.
Detailed Summary
Service Members Home Ownership Tax Act of 2009 - Amends the Internal Revenue Code to: (1) exempt members of the uniformed services, the Foreign Service, and employees of the intelligence community on official extended duty service from the recapture requirements of the first-time homebuyer tax credit; (2) extend the first-time homebuyer tax credit through November 30, 2010, for individuals serving on official extended duty service outside the United States for at least 90 days in 2009; (3) exclude from gross income payments to military personnel to compensate for declines in housing values due to a base closure or realignment; and (4) increase penalties for failure to file a partnership or S corporation tax return.
Amends the Corporate Estimated Tax Shift Act of 2009 to increase corporate estimated tax payments in the third quarter of 2014 by an additional 0.5%.
Status of the Legislation
Latest Major Action: 9/30/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
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Points Against
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Visitor Comments
Josh Taylor
October 13, 2009, 9:12pm (report abuse)This bill will make us all homeless. It's giving our houses away to the armed forces and we will probably not be allowed to by a home unless we're in the military.
Romayne Chamberlain
October 16, 2009, 9:12am (report abuse)Curious commnet since it has nothing to do with teh general public. This is to give the Armed Forces the same tax relief enjoyed by tens of thousands of Americans under the Tax Relief Act of 2009
kevin p.
November 4, 2009, 6:46am (report abuse)Josh Taylor, you are an idiot. I am currently in the armed forces and this bill offers us the same opportunities as the general public. It extends the deadline for those who have been deployed for more than 90 days while you were sitting home doing nothing. I have not had the opportunity to take advantage of the tax credit because i was deployed for 5 months this year.