$8,000 Tax Credit Extension

FROM REALTY TIMES: The Congressional Ways and Means committee could act as soon as next week on this bill. This bill would extend the first time home buyers tax credit for one year to Armed Services members and would eliminate the requirement for Armed Services members to repay the credit if they should sell their home before three years if they are required to transfer stations. As a former Airman in the USAF, I have mixed feelings about this. I think this sets a dangerous precedence where an argument could be made that ANY person who transfers jobs would be allowed to sell their house before the three year requirement and not have to pay back the credit. I also think that adding an additional year to the credit will come at an extraordinary cost to tax payers (the program is already 3 times larger than initially anticipated) and could result in a continuing expectation the credit will always be there.

http://realtytimes.com/rtpages/20090921_washingtonreport.htm