Washington, D.C. - Today, Congressman Kevin Brady (R-The Woodlands) voted in support of a bill to expand tax benefits for our military men and women and strengthen a successful low-interest loan program that has made home-ownership a reality for thousands of Texas veterans.
 
The legislation will allow all veterans, regardless of date of service, to qualify for low-interest home loans of up to $325,000 in the State of Texas.  Under current law, only veterans who served before 1977 are eligible for the below-market home loans, which are financed through mortgage bonds and administered in Texas by the Texas Veterans Land Board.
 
“Expanding the Texas veterans’ home loan program will help a new generation of American veterans to buy a home.  For all they sacrifice to defend our country, it seems only right that we help them own a piece of the American Dream,” said Congressman Kevin Brady (R-Texas).
 
In Texas, the bill will enable the Texas Veterans Land Board – led by Land Commissioner Jerry Patterson - to expand its existing low-interest loan program to several thousand additional Texas veterans.  Texas is one of only five states in the Nation to offer veterans a special home loan program, and the only state to offer the unique combination of low-interest rates for land, housing, and home improvement loans.
 “Commissioner Patterson does a great job managing this important program for Texas vets”, said Brady. “Let’s make sure more of our heroes returning home can afford a home.”
The bill passed today also helps ease the tax burden for active-duty servicemen by allowing combat pay to be considered  “earned income” for tax purposes, so that American soldiers can claim the maximize amount of the Earned Income Tax Credit (EITC).    It now heads to the Senate for consideration.
 
Congressman Brady holds the leadership post of Deputy Whip and serves on the Ways & Means Committee, which has  jurisdiction over 2/3 of the federal budget including taxes, Social Security, Medicare, international trade and welfare.  He serves on the Social Security and Trade subcommittees