I 111th CONGRESS 1st Session H. R. 1344 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.

1.

Short title

This Act may be cited as the Real Help for Homebuyers Act of 2009.

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.