"The American Reinvestment and Recovery Act of 2009, signed by President Barack Obama last month, includes new tax breaks that will benefit some servicemembers, financial professionals at bases in Japan said last week.
Along with the new deductions, there are several old deductions that benefit military members, especially if they itemize.
One of the biggest tax provisions in the Recovery Act economic stimulus plan allows anyone who purchases a home between Jan. 1 and Nov. 30 to take an $8,000 tax credit. The home has to be where you plan to live, said Jim McDaniel, an accredited financial counselor at the Yokota Air Base Airman and Family Readiness Center. ..."
FULL ARTICLE: http://www.stripes.com/article.asp?section=104&article=61200
For more information on ARRA's impact on the warrior community, see:
- American Reinvestment and Recovery Act of 2009 (large PDF)
- Department of Defense
Overview of the American Recovery and Reinvestment Act of 2009 (Recovery Act) (note periodic reports, near bottom of page)
- Department of Veterans Affairs Overview of the American Recovery and Reinvestment Act of 2009 (Recovery Act) (that page is basically a stub, needing more information IMO)
- White House invites your comments on ARRA here