To amend the Internal Revenue Code of 1986 to expand and extend the first-time homebuyer credit.
Mr. COBLE introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to expand and extend the first-time homebuyer credit.
(a) Expansion of Credit to All Homebuyers- Subsection (a) of section 36 of the Internal Revenue Code of 1986 is amended by striking ‘who is a first-time homebuyer of a principal residence’ and inserting ‘who purchases a principal residence’.
(b) Extension of Credit- Subsection (h) of section 36 of such Code is amended by striking ‘December 1, 2009’ and inserting ‘January 1, 2011’.
(c) Repeal of Limitation Based on Modified Adjusted Gross Income-
(1) IN GENERAL- Subsection (b) of section 36 of such Code is amended by striking paragraph (2).
(2) CONFORMING AMENDMENTS- Subsection (b) of such Code, as amended by paragraph (1), is amended--
(A) by redesignating paragraph (1) as subsection (b),
(B) in subsection (b), as so redesignated, by redesignating subparagraphs (A), (B), and (C) as paragraphs (1), (2), and (3), respectively, and
(C) in paragraph (2), as redesignated by subparagraph (B) of this paragraph, by striking ‘subparagraph (A)’ and inserting ‘paragraph (1)’.
(d) Extension of Waiver of Recapture- Subparagraph (D) of section 36(f)(4) of such Code is amended--
(1) by striking ‘before December 1, 2009’ and inserting ‘before January 1, 2011’, and
(2) in the heading by striking ‘FOR PURCHASES IN 2009’.
(e) Conforming Amendments-
(1) Subsection (c) of section 36 of such Code is amended by striking paragraph (1) and by redesignating paragraphs (2), (3), (4), and (5) as paragraphs (1), (2), (3), and (4), respectively.
(2) Section 36 of such Code is amended by striking ‘first-time homebuyer credit’ in the heading and inserting ‘home purchase credit’.
(3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 36 and inserting the following new item:
‘Sec. 36. Home purchase credit.’.
(4) Subparagraph (W) of section 26(b)(2) of such Code is amended by striking ‘homebuyer credit’ and inserting ‘home purchase credit’.
(f) Effective Date- The amendments made by this section shall take effect on the date of the enactment of this Act.
U.S. Congress - Text of H.R.2801 as Introduced in House Home Ownership Moves the Economy (HOME) Act of 2009
