Two of the hottest topics here at My Denton County Real Estate in the past 6 months has been the discussion of the $8000 First Time Homebuyer Tax Credit and the Texas Veterans Land Board.  Now a a new bill unanimously passing the House of Representatives, and soon to be up for a vote on the Senate floor allows me to right a new post directly marrying the two together.

Bill H.R. 3590 will extend the $8,000 FTHB¹ Tax Credit until November 30, 2010 for members of the uniformed services, the Foreign Service, and employees of the intelligence community on official extended duty. Those meeting the underlying requirements for the credit must also have been serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year.

It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected once this is passed into law. This is one I feel everyone can get behind - There seems to be a lot of talk from political pundits, the news media, and even a lot of REALTORS® that believe the tax credit is just "giving money away" or "creating debt for our children and grandchildren." I am not sure any of them realize that in order for our economy to have gotten any better money needed to be moving and changing hands.