Mr. JONES. Mr. Speaker, earlier this year Congress passed H.R. 1, better known as the economic stimulus package. Included in this package was a provision which modified the first-time homebuyers tax credit language that Congress passed last year. Under the new provision, a first-time homebuyer who purchased a home before December 1, 2009, would get a tax credit of $8,000, which can be fully retained by the homebuyer so long as the homebuyer does not sell the home for 36 months after purchase. If the home is sold prior to 36 months, the credit will have to be repaid.
Mr. Speaker, under this law, it is unlikely that U.S. servicepersons who buy their first homes will be able to use the first-time homebuyer tax credit like other American taxpayers. Because many of our military personnel serve at a duty station for only a few years at a time, those who buy a first home are often transferred and have to sell their first residence before the 36-month holding requirement is met.
I recently introduced legislation that would fix this problem by allowing our military men and women the flexibility they need to benefit from this tax credit. H.R. 2398, the Service Members First-Time Homebuyer Relief Act, would amend the Internal Revenue Code of 1986 to allow a member of the United States Armed Forces to retain the first-time homebuyer tax credit if they must sell their home within 36 months of purchase because the service member is, one, transferred to a new duty station; two, deployed overseas; or, three, required to reside in government quarters during that period.
I am very pleased that this legislation has received the support of the National Military Families Association. Their letter of support for this bill states, and I quote: ``Thank you for recognizing the mobile lifestyle of service members and their families. H.R. 2398 waives the recapture of the first-time homebuyer's tax credit for service members who are transferred to a different duty station or deployed overseas. Moves and deployments can be stressful for military families and H.R. 2398 helps alleviate a financial concern of military families.''
Mr. Speaker, at this time, I will submit the text of this letter for the Record.
... I hope my colleagues will become cosponsors of H.R. 2398 and join in helping our service members gain the flexibility they need to benefit from the first-time homebuyer's tax credit.
I have also handed a letter explaining this issue to both Chairman Charlie Rangel and Ranking Member David Camp, and I hope they will join me in supporting our military families.
With that, Mr. Speaker, before I close, as I always do on the floor of the House, because we have young men and women in Afghanistan and Iraq, we have young men and women who are dying for this country, and young men and women who are losing limbs in those fights in Afghanistan and Iraq, so I ask God to please bless our men and women in uniform. I ask God to please bless the families of our men and women in uniform. And I ask God in his loving arms to hold the families who've given a child dying for freedom in Afghanistan and Iraq.
And three times, Mr. Speaker, I ask God to please bless America. I ask God to please bless America, and again, I ask God to please bless this great Nation known as America.