Service Members Home Ownership Tax Act
The Service Members Home Ownership Tax Act (H.R. 3590) would ensure that service members are able to take full advantage of the programs enacted under the Recovery Act. The bill would ensure that certain payments under the Department of Defense Housing Assistance Program are exempt from tax and that service members will not have to repay the first-time home buyer credit if they are called up for service overseas and forced to sell their home within three years of purchasing. Additionally, the bill would extend for one year the deadline for utilizing the first-time homebuyer credit for qualifying service members.