[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1344 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1344

  To amend the Internal Revenue Code of 1986 to extend and modify the 
                         homebuyer tax credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 2009

 Mrs. Myrick 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 and modify the 
                         homebuyer tax credit.

    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 ``Real Help for Homebuyers Act of 
2009''.

SEC. 2. EXTENSION AND MODIFICATION OF THE HOMEBUYER TAX CREDIT.

    (a) Extension of Credit.--Subsection (h) of section 36 of the 
Internal Revenue Code of 1986 is amended by striking ``December 1, 
2009'' and inserting ``the date which is 1 year after the date of the 
enactment of the Real Help for Homebuyers Act of 2009''.
    (b) Increase in Dollar Limitation.--
            (1) In general.--Section 36(b) of such Code is amended by 
        striking ``$8,000'' each place it appears and inserting 
        ``$15,000''.
            (2) Conforming amendment.--Section 36(b)(1)(B) of such Code 
        is amended by striking ``$4,000'' and inserting ``$7,500''.
    (c) Repeal of First-Time Homebuyer Requirement.--
            (1) In general.--Subsection (a) of section 36 of such Code 
        is amended by striking ``an individual who is a first-time 
        homebuyer of a principal residence'' and inserting ``an 
        individual who purchases a principal residence''.
            (2) Conforming amendments.--
                    (A) Section 36(b)(1)(A) of such Code is amended by 
                inserting ``with respect to any taxpayer for any 
                taxable year'' after ``subsection (a)''.
                    (B) Section 36(c) of such Code is amended by 
                striking paragraph (1) and by redesignating paragraphs 
                (2) through (5) as paragraphs (1) through (4), 
                respectively.
                    (C) The heading of section 36 of such Code (and the 
                item relating to such section in the table of sections 
                for subpart C of part IV of subchapter A of chapter 1) 
                are amended by striking ``first-time homebuyer'' and 
                inserting ``homebuyer''.
    (d) Downpayment Requirement.--Section 36 of such Code is amended 
(after the amendment made by subsection (a)) by redesignating 
subsection (h) as subsection (i) and by inserting after subsection (g) 
the following new subsection:
    ``(h) Downpayment Requirement.--No credit shall be allowed under 
subsection (a) to any taxpayer with respect to the purchase of any 
residence unless such taxpayer makes a downpayment of not less than 5 
percent of the purchase price of such residence. For purposes of the 
preceding sentence, an amount shall not be treated as a downpayment if 
such amount is repayable by the taxpayer to any other person.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to residences purchased after the date of the enactment of this 
Act.
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