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senate Bill S. 1728

Service Members Home Ownership Tax Act of 2009

bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Committee on Finance
    IntroducedSeptember 30th, 2009

Bill Details

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Title

Service Members Home Ownership Tax Act of 2009

Official Title

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.

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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