HR 6627 IHCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

H. R. 6627CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to allow a credit for veteran first-time homebuyers and for adaptive housing and mobility improvements for disabled veterans, and for other purposes.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

December 3, 2012CommentsClose CommentsPermalink

Mr. LANGEVIN introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to allow a credit for veteran first-time homebuyers and for adaptive housing and mobility improvements for disabled veterans, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Veterans Homebuyer Accessibility Act of 2012’.CommentsClose CommentsPermalink

SEC. 2. VETERAN FIRST-TIME HOMEBUYER TAX CREDIT.

(a) In General- Subsection (a) of section 36 of the Internal Revenue Code of 1986 is amended to read as follows:CommentsClose CommentsPermalink





‘(a) Allowance of Credit- In the case of an eligible veteran who purchases a principal residence in the United States during the taxable year, there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount equal to 10 percent of the purchase price of the residence.’.CommentsClose CommentsPermalink





(b) Additional Limitation for Adaptive Housing Improvements- Paragraph (1) of section 36(b) of such Code is amended by redesignating subparagraphs (B), (C), and (D) as subparagraphs (C), (D), and (E), respectively, and by inserting after subparagraph (A) the following new subparagraph:CommentsClose CommentsPermalink





‘(B) SPECIAL RULE FOR ADAPTIVE HOUSING IMPROVEMENTS- In the case of a principal residence with special fixtures or movable facilities made necessary by the nature of the disability of the veteran, if such fixtures and facilities are--CommentsClose CommentsPermalink





‘(i) provided to the veteran pursuant to specially adapted housing assistance under chapter 21 of title 38, United States Code, orCommentsClose CommentsPermalink





‘(ii) similar to such fixtures and facilities that would be provided to the veteran if the veteran received such assistance,CommentsClose CommentsPermalink





then subparagraph (A) shall be increased by the lesser of $8,000 or the portion of the purchase price of the principal residence attributable such fixtures or movable facilities.’.CommentsClose CommentsPermalink





(c) Eligible Veteran-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (1) of section 36(c) of such Code is amended by striking ‘FIRST-TIME HOMEBUYER- The term ‘first time homebuyer’ means any individual’ and inserting ‘ELIGIBLE VETERAN- The term ‘eligible veteran’ means any individual who is a veteran (as defined in section 101(2) of title 38, United States Code)’.CommentsClose CommentsPermalink





(2) LONG-TIME RESIDENT- Paragraph (6) of section 36(c) of such Code is amended by striking ‘treated as a first-time homebuyer’ and inserting ‘treated as meeting the no present ownership interest requirement of paragraph (1)’.CommentsClose CommentsPermalink





(d) Recapture of Credit- Subsection (f) of section 36 is amended to read as follows:CommentsClose CommentsPermalink





‘(f) Recapture of Credit-CommentsClose CommentsPermalink





‘(1) IN GENERAL- If a taxpayer disposes of the principal residence with respect to which a credit was allowed under subsection (a) (or such residence ceases to be the principal residence of the taxpayer (and, if married, the taxpayer’s spouse)) before the end of the 36-month period beginning on the date of the purchase of such residence by the taxpayer the tax imposed by this chapter for the taxable year of such disposition or cessation shall be increased by the amount of the credit so allowed.CommentsClose CommentsPermalink





‘(2) EXCEPTIONS-CommentsClose CommentsPermalink





‘(A) DEATH OF TAXPAYER- Paragraphs (1) shall not apply to any taxable year ending after the date of the taxpayer’s death.CommentsClose CommentsPermalink





‘(B) INVOLUNTARY CONVERSION- Paragraph (1) shall not apply in the case of a residence which is compulsorily or involuntarily converted (within the meaning of section 1033(a)) if the taxpayer acquires a new principal residence during the 2-year period beginning on the date of the disposition or cessation referred to in paragraph (1). Paragraph (1) shall apply to such new principal residence during the 36-month period referred to therein in the same manner as if such new principal residence were the converted residence.CommentsClose CommentsPermalink





‘(C) TRANSFERS BETWEEN SPOUSES OR INCIDENT TO DIVORCE- In the case of a transfer of a residence to which section 1041(a) applies--CommentsClose CommentsPermalink





‘(i) paragraph (1) shall not apply to such transfer, andCommentsClose CommentsPermalink





‘(ii) in the case of taxable years ending after such transfer, paragraph (1) shall apply to the transferee in the same manner as if such transferee were the transferor (and shall not apply to the transferor).CommentsClose CommentsPermalink





‘(D) SPECIAL RULE FOR MEMBERS OF THE ARMED FORCES, ETC-CommentsClose CommentsPermalink





‘(i) IN GENERAL- In the case of the disposition of a principal residence by an individual (or a cessation referred to in paragraph (1)) in connection with Government orders received by such individual, or such individual’s spouse, for qualified official extended duty service, paragraph (1) shall not apply to such disposition (or cessation).CommentsClose CommentsPermalink





‘(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--CommentsClose CommentsPermalink





‘(I) a member of the uniformed services,CommentsClose CommentsPermalink





‘(II) a member of the Foreign Service of the United States, orCommentsClose CommentsPermalink





‘(III) an employee of the intelligence community.CommentsClose CommentsPermalink





‘(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.CommentsClose CommentsPermalink





‘(3) JOINT RETURNS- In the case of a credit allowed under subsection (a) with respect to a joint return, half of such credit shall be treated as having been allowed to each individual filing such return for purposes of this subsection.CommentsClose CommentsPermalink





‘(4) RETURN REQUIREMENT- If the tax imposed by this chapter for the taxable year is increased under this subsection, the taxpayer shall, notwithstanding section 6012, be required to file a return with respect to the taxes imposed under this subtitle.’.CommentsClose CommentsPermalink





(e) Application of Credit- Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended to read as follows:CommentsClose CommentsPermalink





‘(h) Termination- This section shall not apply to any residence purchased after December 31, 2016.’.CommentsClose CommentsPermalink





(f) Assignment of Credit in Case of Construction- Section 36, as amended by this Act, is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(i) Credit May Be Assigned-CommentsClose CommentsPermalink





‘(1) IN GENERAL- In the case of a residence constructed by the taxpayer, if such taxpayer elects the application of this subsection for any taxable year, any portion of the credit determined under this section which is attributable to an increase under subparagraph (B) of subsection (b)(1) for such year which would (but for this subsection) be allowable to the taxpayer may be assigned to any person who is an eligible designee. The person so designated shall be allowed the amount of the credit so assigned and shall be treated as the taxpayer with respect to such credit for purposes of this title (other than this paragraph), except that such credit shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)).CommentsClose CommentsPermalink





‘(2) ELIGIBLE DESIGNEE- For purposes of paragraph (1), the term ‘eligible designee’ means any person who, with respect to the residence, provides or installs any improvements, special fixtures, or movable facilities to which the credit is attributable under subparagraphs (B) of subsection (b)(1).CommentsClose CommentsPermalink





‘(3) ELECTION REQUIREMENTS- Any election under paragraph (1) shall include such information and shall be made at such time, and in such form and manner, as the Secretary shall by regulation prescribe.’.CommentsClose CommentsPermalink





(g) Conforming Amendments-CommentsClose CommentsPermalink





(1) Paragraph (2) of section 26(b) of such Code is amended by striking ‘and’ at the end of subparagraph (W), by striking the period at the end of subparagraph (X) and inserting ‘, and’, and by adding at the end the following new subparagraph:CommentsClose CommentsPermalink





‘(Y) section 36(f) (relating to recapture of veteran first-time homebuyer tax credit).’.CommentsClose CommentsPermalink





(2) Section 38(b) is amended by striking ‘plus’ at the end of paragraph (35), by striking the period at the end of paragraph (36) and inserting ‘, and’, and by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(37) the portion of the veteran first-time homebuyers credit assigned to the taxpayer to which the second sentence of section 36(i)(1) applies,’.CommentsClose CommentsPermalink





(3) The heading for section 1400C(e)(4) is amended by striking ‘NATIONAL FIRST-TIME HOMEBUYERS CREDIT’ and inserting ‘VETERAN FIRST-TIME HOMEBUYERS CREDIT’.CommentsClose CommentsPermalink





(h) Clerical Amendment- 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 to read as follows:CommentsClose CommentsPermalink





‘Sec. 36. Veteran first-time homebuyer credit.’.CommentsClose CommentsPermalink





(i) Effective Date- The amendments made by this section shall apply to residences purchased after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 3. VETERAN HOME MOBILITY IMPROVEMENT CREDIT.

(a) In General- Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 37 the following new section:CommentsClose CommentsPermalink

‘SEC. 36C. VETERAN HOME MOBILITY IMPROVEMENT CREDIT.

‘(a) In General- In the case of a veteran, there shall be allowed as a credit against the tax imposed by this subtitle for any taxable year an amount equal to the amount paid or incurred by the taxpayer for qualified adaptive housing improvements for the taxable year.CommentsClose CommentsPermalink





‘(b) Limitation- The credit allowed under subsection (a) shall not exceed $8,000.CommentsClose CommentsPermalink





‘(c) Qualified Adaptive Housing Improvement- For purposes of this section, the term ‘qualified adaptive housing improvement’ means special fixtures or movable facilities with respect to the principal residence of the veteran which are made necessary by the nature of the disability of the veteran, if such fixtures and facilities are--CommentsClose CommentsPermalink





‘(1) provided to the veteran pursuant to specially adapted housing assistance under chapter 21 of title 38, United States Code, orCommentsClose CommentsPermalink





‘(2) similar to such fixtures and facilities that would be provided to the veteran if the veteran received such assistance.CommentsClose CommentsPermalink





‘(d) Credit May Be Assigned-CommentsClose CommentsPermalink





‘(1) IN GENERAL- If the taxpayer elects the application of this subsection for any taxable year, any portion of the credit under this section for such year which would (but for this subsection) be allowable to the taxpayer may be assigned to any person who is an eligible designee. The person so designated shall be allowed the amount of the credit so assigned and shall be treated as the taxpayer with respect to such credit for purposes of this title (other than this paragraph), except that such credit shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)).CommentsClose CommentsPermalink





‘(2) ELIGIBLE DESIGNEE- For purposes of paragraph (1), the term ‘eligible designee’ means any person who, with respect to the residence, provides or installs any qualified adaptive housing improvements to which the credit under this section is attributable.CommentsClose CommentsPermalink





‘(3) ELECTION REQUIREMENTS- Any election under paragraph (1) shall include such information and shall be made at such time, and in such form and manner, as the Secretary shall by regulation prescribe.’.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Section 1324(b)(2) of title 31, United States Code, is amended by inserting ‘, 36C’ after ‘36B’.CommentsClose CommentsPermalink





(2) Section 38(b), as amended by this Act, is amended by striking ‘plus’ at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting ‘, and’, and by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(38) the portion of the veteran home mobility improvement credit assigned to the taxpayer to which the second sentence of section 36C(d)(1) applies’.CommentsClose CommentsPermalink





(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 before the item relating to section 37 the following new item:CommentsClose CommentsPermalink





‘Sec. 36C. Veteran home mobility improvement credit.’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink