Military Familes May Get A Break on Tax Credit Rules!

North Carolina U.S. Representative Walter B. Jones Jr. has sponsored a bill that would allow service members who buy their first home, using the First Time Home Buyer's Tax Credit, to be exempt from the current requirement to "hold" the home for 36 months or face a repayment requirement. Jones has been advocating this for some time. His concern is that military families could face hardships with the repayment provision because they often serve at a duty station for only a few years at a time.

Mr. Walter B Jones Jr. is a member of the House Committee on Armed Services and the Subcommittee on Military Personnel.

If this legislation is made into law, it will exclude repayment of the credit by military families that use the First Time Home Buyer's Tax Credit to buy a hone and are ordered to move by the Military before the 36 month holding period is fulfilled.

U.S. Representative John Tanner, D-Tenn, is the co-sponsor of the bill.

This bill was approved in the House of Representatives, Thursday Oct 8th, but HAS NOT been considered by the Senate.

Please contact our N.C. Senators and voice your support of this great idea for military families. If you live in another state, go here to find your Senator(s) http://www.senate.gov/general/contact_information/senators_cfm.cfm

Representative Walter B. Jones, Jr. has been a strong supporter of the Armed Forces , read more:http://www.witn.com/military/headlines/63816297.htmlis

Representative Jones can be reached in the following ways:

Thanks to Rob.Peterson@mortgagefamily CENTURY 21 Mortgage for getting this on my radar screen!