Thankfully our Veterans get an extension on First Time Home Buyers Tax Credit

If you’ve been a follower of this blog you probably already know my personal stance on the $8000 tax credit for Green Bay WI First Time Home Buyers. I’m not a supporter of the $8000 tax credit for First Time Home Buyers in Green Bay WI, but I can say that I’m impressed to find that there is an extension specifically written into the Unemployment extension act that will extend the $8000 First time for Green Bay WI home buyer tax credit to our Military personnel.

Congressmen Kagen helps local Green Bay WI Military Families

As an American we are blessed with the greatest military on the face of planet. The true heroes in our nation are the one’s who put on the uniform of United States Military and protect our great country. Its nice to see local Congressman Steve Kagen step-up and be proactive in rewarding the one’s who sacrifice their personal safety for our freedoms here in Green Bay WI. Struggling military families might also be applicable for tax-exempt mortgage payments which could instantly help the families in need.

Kagen Votes To Reduce Taxes and Boost New Homes Sales | Wisconsin RealEstateRama

WASHINGTON, DC – November 5, 2009 – (RealEstateRama) — Congressman Steve Kagen, M.D. continued to take action to put our economy on the road to recovery. Today, Kagen voted to extend the homebuyers’ tax credit to almost everyone, reduce taxes for military families, and extend unemployment benefits for the unemployed.

The bill also included a provision Kagen co-wrote to extend the first-time homebuyers tax credit for one year for members of the Armed Forces serving overseas.

“This bill helps people by stimulating home sales and helps our veterans build a better future for themselves when they return,” said Kagen. “We are extending relief to millions of workers, families, and businesses nationwide – taking the bold actions necessary to put our economy on the road to recovery. Everyone knows this will take time, but we are headed in the right direction.”

The extension is fully paid for and will provide immediate help to the local economy. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of stimulating the economy. The legislation will provide families in all states with 14 weeks of additional benefits, and six more weeks to the 27 states with the highest unemployment rates – where it is most difficult for workers to find employment. Workers in these high unemployment states who have exhausted or will soon exhaust their benefits will be eligible for a total of 20 additional weeks of emergency unemployment compensation.

The bill includes an extension of the $8,000 first-time homebuyer tax credit through April 30, 2010 and provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more. It also helps military families struggling to make mortgage payments by making those payments tax-exempt.

Kagen authored the extension for our veterans with Wisconsin Congressman Ron Kind. Congressman Kagen was inspired to write this legislation in April after hearing from Jerry Kavanaugh of Kaukauna. Jerry is the father of Dave Kavanaugh, who is a member of the National Guard serving in Southern Iraq with the 32nd Infantry Combat Brigade out of Appleton. Dave wants to be able to purchase a new home for his family when he returns from his deployment, but under current law, he will not qualify for the tax credit when he returns home next spring. The $8,000 non-refundable tax credit will help Dave, and thousands of other men and women serving overseas, buy their first homes.

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