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S 1678 IS
111th CONGRESS
1st Session
S. 1678
To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit, and for other purposes.
IN THE SENATE OF THE UNITED STATES
September 16, 2009
Mr. CARDIN (for himself, Mr. ENSIGN, Mr. REID, Mr. ISAKSON, and Ms. STABENOW) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax 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. EXTENSION OF FIRST-TIME HOMEBUYER TAX CREDIT.
(a) In General- Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended by striking ‘December 1, 2009’ and inserting ‘June 1, 2010’.
(b) Election To Treat Purchase in Prior Year- Subsection (g) of section 36 of the Internal Revenue Code of 1986 is amended--
(1) by striking ‘December 1, 2009’ and inserting ‘January 1, 2010’, and
(2) by adding at the end the following: ‘In the case of a purchase of a principal residence after December 31, 2009, and before June 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)).’.
(c) Extension of Waiver of Recapture- Subparagraph (D) of section 36(f)(4) of the Internal Revenue Code of 1986 is amended--
(1) by striking ‘December 1, 2009’ and inserting ‘June 1, 2010’, and
(2) by striking ‘IN 2009’ in the heading and inserting ‘AFTER 2008’.
(d) Effective Date- The amendments made by this section shall apply to residences purchased after November 30, 2009.
U.S. Congress - Text of S.1678 as Introduced in Senate A bill to amend the Internal Revenue Code of 1986 to extend the first-time homebuyer ta...
