H.R. 3590, Servicemembers Home Ownership Tax Act Of 2009

Floor Speech

* 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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