Rollover any line of text to comment and/or link to it.
HR 2619 IH
111th CONGRESS
1st Session
H. R. 2619
To amend the Internal Revenue Code of 1986 to temporarily expand the credit for first-time homebuyers to all homebuyers and to allow individuals a temporary refundable credit against income tax for the costs of refinancing acquisition indebtedness secured by their principal residence.
IN THE HOUSE OF REPRESENTATIVES
May 21, 2009
Mr. MARCHANT introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to temporarily expand the credit for first-time homebuyers to all homebuyers and to allow individuals a temporary refundable credit against income tax for the costs of refinancing acquisition indebtedness secured by their principal residence.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. TEMPORARY EXPANSION OF FIRST-TIME HOMEBUYER CREDIT TO ALL HOMEBUYERS.
(a) In General- Section 36 of the Internal Revenue Code of 1986 (relating to first-time homebuyer credit) is amended by redesignating subsections (g) and (h) as subsections (h) and (i), respectively, and by inserting after subsection (f) the following new subsection:
‘(g) Credit Temporarily Allowable to All Homebuyers-
‘(1) CREDIT EXPANDED TO ALL HOMEBUYERS- Except as provided in paragraph (1), in the case of residences purchased after the date of the enactment of this subsection and before July 1, 2010, the requirement that the taxpayer be a first-time homebuyer shall not apply.
‘(2) EXCEPTION- No credit shall be allowed under this section by reason of paragraph (1) if credit was allowed under this section or 1400C (relating to first-time homebuyer in the District of Columbia) to the taxpayer (or the taxpayer’s spouse) with respect to any other residence.’.
(b) Conforming Amendments-
(1) Section 36 of such Code is amended by striking ‘December 1, 2009’ each place it appears (other than subsection (h), as redesignated by subsection (a)) and inserting ‘July 1, 2010’.
(2) The heading for subparagraph (D) of section 36(f)(4) of such Code is amended by striking ‘PURCHASES IN 2009’ and inserting ‘CERTAIN PURCHASES’.
(3) Subsection (h) of section 36 of such Code, as so redesignated, is amended by striking ‘December 31, 2009’ and inserting ‘January 1, 2010’.
(4) The heading of such section 36 is amended by inserting before the period ‘; temporary credit for all homebuyers’.
(5) The item relating to section 36 in the table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by inserting before the period ‘; Temporary credit for all homebuyers’.
(c) Effective Date- The amendments made by this section shall apply to residences purchased after the date of the enactment of this Act.
SEC. 2. TEMPORARY REFUNDABLE CREDIT FOR COSTS OF REFINANCING ACQUISITION INDEBTEDNESS SECURED BY PRINCIPAL RESIDENCE.
(a) In General- Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to refundable credits) is amended by inserting after section 36 the following new section:
‘SEC. 36A. TEMPORARY CREDIT FOR COSTS OF REFINANCING ACQUISITION INDEBTEDNESS SECURED BY PRINCIPAL RESIDENCE.
‘(a) Allowance of Credit- In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle an amount equal to the qualified refinancing costs paid or accrued by the taxpayer during the taxable year.
‘(b) Limitations-
‘(1) DOLLAR LIMITATION-
‘(A) IN GENERAL- Except as otherwise provided in this paragraph, the credit allowed under subsection (a) shall not exceed $3,000.
‘(B) MARRIED INDIVIDUALS FILING SEPARATELY- In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting ‘$1,500’ for ‘$3,000’.
‘(C) OTHER INDIVIDUALS- If two or more individuals who are not married own a principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $3,000.
‘(2) LIMITATION BASED ON MODIFIED ADJUSTED GROSS INCOME- The amount allowable as a credit under subsection (a) (determined without regard to this paragraph) for the taxable year shall be reduced as provided in section 36(b)(2).
‘(c) Qualified Financing Costs- For purposes of this section, the term ‘qualified refinancing costs’ means costs--
‘(1) which are incurred to refinance acquisition indebtedness (as defined in section 163(h)(3)) secured by the principal residence of the taxpayer, and
‘(2) which are not allowable as a deduction under this chapter.
‘(d) Exception- No credit under subsection (a) shall be allowed to any nonresident alien.
‘(e) Application of Section- This section shall only apply to refinancings after the date of the enactment of this section and before July 1, 2010.’.
(b) Conforming Amendments-
(1) Section 6211(b)(4)(A) of such Code is amended by inserting ‘36A,’ after ‘36,’.
(2) Section 1324(b)(2) of title 31, United States Code, is amended by inserting ‘36A,’ after ‘36,’.
(3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36 the following new item:
‘Sec. 36A. Temporary credit for costs of refinancing acquisition indebtedness secured by principal residence.’.
(c) Effective Date- The amendments made by this section shall apply to refinancings after the date of the enactment of this Act in taxable years ending after such date.
U.S. Congress - Text of H.R.2619 as Introduced in House To amend the Internal Revenue Code of 1986 to temporarily expand the credit for first-t...
