Remind your friends and family in Austin, or anywhere in the United States that qualified veterans and other members of the military have until April 20, 2011 to take advantage of the tax credit incentive. That’s right; members of the Foreign Service, uniformed service and other federal employees of the intelligence community serving outside of the United States have until April 30, 2011 to be under contract and will need to close by June 30, 2011.
Individuals must have served outside of the United States on qualified official extended duty for at least 90 days between December 31, 2008 and May 1, 2010. If married, only one spouse needed to serve during those dates to qualify.
There is an $8,000 tax credit for first time home buyers and a $6,500 tax credit for repeat home buyers.
“Qualified service member” is defined as a member of the uniformed services of the U.S military, a member of the Foreign Service of the United States, or an employee of the intelligence community.
“Official extended duty” is defined as any period of extended duty outside of the United States for duration of at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
Contact your local lender for more details.