[Congressional Record Volume 155, Number 143 (Tuesday, October 6, 2009)]
[Extensions of Remarks]
[Page E2459]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        H.R. 3590, SERVICEMEMBERS HOME OWNERSHIP TAX ACT OF 2009

                                 ______
                                 

                             HON. AL GREEN

                                of texas

                    in the house of representatives

                        Tuesday, October 6, 2009

  Mr. AL GREEN of Texas. Madam Speaker, I extend my support to H.R. 
3590, the Service Members Home Ownership Tax Act of 2009, and thank my 
friend from New York, Mr. Rangel, for introducing this legislation.
  When Congress passed the first-time homebuyer tax credit in the 
American Recovery and Reinvestment Act in January of this year, it 
sought to reverse the downturn in the housing market by helping 
qualified homebuyers purchase their first home with a maximum $8,000 
tax credit. To ensure that the credit benefitted ordinary Americans and 
not speculators, we required that borrowers who took advantage of the 
credit repay it if they sold their home within three years of the 
purchase date.
  At the time, we thought this was good policy. However, it is clear 
now that an exception should have been made for our servicemen and 
women and their families, who are often required by federal orders to 
redeploy overseas within a three-year period. The chance for us to 
correct this oversight has now come.
  The Service Members Home Ownership Tax Act amends the federal tax 
code to provide an exemption for members of the military, CIA, and 
Department of State that would not require them to repay the homebuyer 
tax credit if they are called for overseas duty and are forced to sell 
their homes within three years of purchasing it. It also extends for 
one year the deadline for utilizing the first-time homebuyer tax credit 
for service members who served outside the country for at least 90 days 
in 2009. This provision would help returning veterans take full 
advantage of the tax credit, which is set to expire on November 30, 
2009.
  In exchange for service in war zones abroad and the sacrifices that 
our servicemen and women make everyday, it is only fair that our 
military families be able to take full advantage of the programs we 
enact in Congress. The Service Members Home Ownership Tax Act of 2009 
is deficit neutral and reaffirms our commitment to our men and women in 
uniform. I am proud to provide my support to H.R. 3590.

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