Tax credit extends into 2011 for some in military

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A new law could provide an attractive housing option for many families near and around many military bases and shipyards. While the biggest federal incentive for homebuyers expired for most consumers on April 30, members of the military could have an additional year to buy a home and claim the homebuyer tax credit. The law allows service members another year to buy a home and claim the credit if they served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, and May 1, 2010. Those members have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat homebuyer tax credits are included in the rule. "Congress recognized that many service members may have missed out on the homebuyer tax credit due to being posted overseas," said Bob Jones, chairman of the National Association of Homebuilders. "It is only fitting tha...