[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 101 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 101
To amend the Internal Revenue Code of 1986 to allow all individuals,
whether or not first-time homebuyers, a refundable income tax credit
for the purchase of a residence during 2009 or 2010.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 6, 2009
Mr. Dreier 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 allow all individuals,
whether or not first-time homebuyers, a refundable income tax credit
for the purchase of a residence during 2009 or 2010.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Economic Recovery Through
Responsible Homeownership Act of 2009''.
SEC. 2. REFUNDABLE CREDIT FOR RESIDENCES PURCHASED DURING 2009 OR 2010.
(a) In General.--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:
``SEC. 36A. GENERAL HOMEBUYER CREDIT FOR RESIDENCES PURCHASED DURING
2009 OR 2010.
``(a) Allowance of Credit.--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 the
applicable amount.
``(b) Applicable Amount.--For purposes of subsection (a), the
applicable amount is--
``(1) $10,000 in the case of an eligible purchase where the
down payment is at least 15 percent of the purchase price,
``(2) $5,000 in the case of an eligible purchase where the
down payment is at least 10 percent of the purchase price,
``(3) $2,000 in the case of an eligible purchase where the
down payment is at least 5 percent of the purchase price, and
``(4) zero in any other case.
``(c) Definitions.--For purposes of this section--
``(1) Eligible purchase.--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 2009, and
``(C) such purchase is made by the taxpayer during
2009 or 2010.
``(2) Other definitions.--The terms `purchase' and
`purchase price' have the respective meanings given such terms
by section 26(c).
``(d) Exceptions.--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 36 (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.
``(e) Other Rules To Apply.--
``(1) Related persons.--Rules similar to the rules of
section 26(c)(5) shall apply for purposes of this section.
``(2) Married individuals filing separate returns, etc.--
Rules similar to the rules of subparagraphs (B) and (C) of
section 26(b)(1) shall apply for purposes of this section.
``(3) Reporting.--Rules similar to the rules of section
26(e) shall apply for purposes of this section.
``(f) Recapture of Credit.--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 `33\1/3\ percent' for `6\2/3\ percent', and
``(2) paragraph (7) thereof shall be applied by
substituting `3 years' for `15 years'.''.
(b) Conforming Amendments.--
(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(f) (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) Effective Date.--The amendments made by this section shall
apply to residences purchased after December 31, 2008, in taxable years
ending after such date.
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