With the passage of H.R. 3548 by both the House and Senate, service members who own or plan to buy homes will get some financial help. Under the measure, the $8,000 tax credit for some home-buyers who sign contracts before April 30 or close before June 30 will be extended. Also, home-buyers who have owned a home for five of the last eight consecutive years will receive a $6,500 tax credit. And Defense Department Homeowner Assistance Program payments will again be tax-exempt.
