S.1728 - Service Members Home Ownership Tax Act of 2009

A bill to 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, and for other purposes. view all titles (3)

All Bill Titles

  • Official: A bill to 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, and for other purposes. as introduced.
  • Short: Service Members Home Ownership Tax Act of 2009 as introduced.
  • Official: A bill to 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 employees, and for other purposes. as introduced.

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Introduced
 
Senate
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House
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President
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09/30/09
 
 
 
 
 
 
 

Official 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

Official 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%.

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