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HR 4032 IH
111th CONGRESS
1st Session
H. R. 4032
To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit and to eliminate the first-time homebuyer requirement and increase the adjusted gross income limitations with respect to such credit, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
November 5, 2009
Mr. BRADY of Texas 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 extend the first-time homebuyer tax credit and to eliminate the first-time homebuyer requirement and increase the adjusted gross income limitations with respect to such credit, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. CREDIT FOR CERTAIN HOME PURCHASES.
(a) Elimination of First-Time Homebuyer Requirement-
(1) IN GENERAL- 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’.
(2) CONFORMING AMENDMENTS-
(A) 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.
(B) Section 36 of such Code is amended by striking ‘first-time homebuyer credit’ in the heading and inserting ‘home purchase credit’.
(C) Subparagraph (W) of section 26(b)(2) of such Code is amended by striking ‘homebuyer credit’ and inserting ‘home purchase credit’.
(3) CLERICAL AMENDMENT- 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) EFFECTIVE DATE- The amendments made by this subsection shall apply to residences purchased on or after the date of the enactment of this Act.
(b) Extension-
(1) IN GENERAL- Subsection (h) of section 36 of such Code is amended by striking ‘December 1, 2009’ and inserting ‘December 1, 2010’.
(2) WAIVER OF RECAPTURE- Subparagraph (D) of section 36(f)(4) of such Code is amended--
(A) by striking ‘December 1, 2009’ and inserting ‘December 1, 2010’, and
(B) by inserting ‘AND 2010’ after ‘2009’ in the heading thereof.
(3) ELECTION TO TREAT PURCHASE IN PRIOR YEAR- Subsection (g) of section 36 of such Code is amended--
(A) by striking ‘December 1, 2009’ and inserting ‘January 1, 2010’, and
(B) by adding at the end the following: ‘In the case of a purchase of a principal residence after December 31, 2009, and before December 1, 2010, a taxpayer may elect to treat such purchase as made on December 31, 2009, for purposes of this section (other than subsections (c) and (f)(4)(D)).’.
(4) EFFECTIVE DATE- The amendments made by this subsection shall apply to residences purchased after November 30, 2009.
(c) Modification of Gross Income Limitation-
(1) IN GENERAL- Subsection (b) of section 36 of such Code is amended--
(A) by striking ‘$150,000’ in paragraph (2)(A)(i)(II) and inserting ‘$300,000’, and
(B) by striking ‘$75,000’ in such paragraph (2)(A)(i)(II) and inserting ‘$150,000’.
(2) EFFECTIVE DATE- The amendments made by this subsection shall apply to residences purchased after the date of the enactment of this Act.
(d) Waiver of Recapture of First-Time Homebuyer Credit for Individuals on Qualified Official Extended Duty-
(1) IN GENERAL- Paragraph (4) of section 36(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
‘(E) SPECIAL RULE FOR MEMBERS OF THE ARMED FORCES, ETC-
‘(i) IN GENERAL- In the case of the disposition of a principal residence by an individual (or a cessation referred to in paragraph (2)) after December 31, 2008, in connection with Government orders received by such individual, or such individual’s spouse, for qualified official extended duty service--
‘(I) paragraph (2) and subsection (d)(2) shall not apply to such disposition (or cessation), and
‘(II) if such residence was acquired before January 1, 2009, paragraph (1) shall not apply to the taxable year in which such disposition (or cessation) occurs or any subsequent taxable year.
‘(ii) QUALIFIED OFFICIAL EXTENDED DUTY SERVICE- For purposes of this section, the term ‘qualified official extended duty service’ means service on qualified official extended duty as--
‘(I) a member of the uniformed services,
‘(II) a member of the Foreign Service of the United States, or
‘(III) as an employee of the intelligence community.
‘(iii) DEFINITIONS- Any term used in this subparagraph which is also used in paragraph (9) of section 121(d) shall have the same meaning as when used in such paragraph.’.
(2) EFFECTIVE DATE- The amendment made by this subsection shall apply to dispositions and cessations after December 31, 2008.
U.S. Congress - Text of H.R.4032 as Introduced in House To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credi...
