110 HR 7325 IH: Economic Recovery Through Responsible
U.S. House of Representatives
2008-12-10
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the
Economic Recovery Through Responsible
Homeownership Act of 2008
.
2.Refundable credit
for residences purchased during 2009 or 2010
(a)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:
36A.General
homebuyer credit for residences purchased during 2009 or 2010
(a)In the case of an
individual who makes an eligible purchase 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 so much of the purchase price as does not
exceed $5,000 ($10,000 in the case of an eligible purchase where the down
payment is at least 15 percent of the purchase price).
(b)For
purposes of this section—
(1)The term eligible purchase means the
purchase of a residence for the taxpayer if—
(A)such residence is
located in the United States,
(B)the construction
of such residence began before 2010,
(C)there is a down
payment of at least 10 percent of the purchase price, and
(D)such purchase is
made by the taxpayer during 2009 or 2010.
(2)The terms purchase and purchase
price have the respective meanings given such terms by section
26(c).
(c)No credit shall be allowed under subsection
(a) to any taxpayer for any taxable year with respect to the purchase of a
residence if—
(1)credit under
section 26 (relating to first-time homebuyer credit) or 1400C (relating to
first-time homebuyer in the District of Columbia) is allowed to the taxpayer
(or the taxpayer's spouse) for such taxable year or any prior taxable
year,
(2)the residence is
financed by the proceeds of a qualified mortgage issue the interest on which is
exempt from tax under section 103,
(3)the taxpayer is a
nonresident alien, or
(4)the taxpayer
disposes of such residence (or such residence ceases to be a residence of the
taxpayer (or, if married, the taxpayer’s spouse)) before the close of such
taxable year.
(d)
(1)Rules similar to the
rules of section 26(c)(5) shall apply for purposes of this section.
(2)Married
individuals filing separate returns, etcRules similar to the
rules of subparagraphs (B) and (C) of section 26(b)(1) shall apply for purposes
of this section.
(3)Rules
similar to the rules of section 26(e) shall apply for purposes of this
section.
(e)Rules similar to the rules of section 26(f) shall apply
for purposes of this section, except that—
(1)paragraph (1)
thereof shall be applied by substituting 331/3
percent
for 62/3 percent
,
and
(2)paragraph (7)
thereof shall be applied by substituting 3 years
for 15
years
.
.
(b)
(1)Section 26(b)(2) of such Code is
amended—
(A)in subparagraph
(W)—
(i)by
striking homebuyer credit
and inserting first-time
homebuyer credit
, and
(ii)by
striking and
,
(B)by striking the
period at the end of subparagraph (X) and inserting , and
,
and
(C)by inserting after
subparagraph (X) the following new subparagraph:
(Y)section 36A(e) (relating to recapture of
general homebuyer
credit)
.
(2)Section 6211(b)(4)(A) of such Code is
amended by inserting 36A,
after 36,
.
(3)Section 1324(b)(2)
of title 31, United States Code, is amended by inserting 36A,
after 36,
.
(4)The table of
sections for subpart C of part IV of subchapter A of chapter 1 of such Code is
amended by inserting after the item relating to section 36 the following new
item:
Sec. 36A. General homebuyer credit
for residences purchased during 2009 or 2010.
.
(c)The amendments made by this section shall apply to
residences purchased after December 31, 2008, in taxable years ending after
such date.