I 111th CONGRESS 1st Session H. R. 2606 IN THE HOUSE OF REPRESENTATIVES May 21, 2009 Ms. Eddie Bernice Johnson of Texas 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 expand and extend the first-time homebuyer credit.

1.

Short title

This Act may be cited as the Home Buying Credit Expansion Act.

2.

Modification of first-time homebuyer credit

(a)

Expansion of credit to all homebuyers

Subsection (a) of section 36 of the Internal Revenue Code of 1986 is amended by striking who is a first-time homebuyer of a principal residence and inserting who purchases a principal residence. (b)

Extension of credit

Subsection (h) of section 36 of such Code is amended by striking December 1, 2009 and inserting January 1, 2011. (c)

Extension of waiver of recapture

Subparagraph (D) of section 36(f)(4) of such Code is amended— (1)by striking December 31, 2008, and before December 1, 2009 and inserting April 8, 2008, and before January 1, 2011, and (2)in the heading by striking for purchases in 2009. (d)

Election To treat purchase in prior year

Subsection (g) of such Code is amended to read as follows: (g)

Election To treat purchase in prior year

For purposes of this section (other than subsections (c) and (f)(4)(D)), a taxpayer may elect to treat a purchase of a principal residence— (1)after December 31, 2008, and before January 1, 2010, as made on December 31, 2008, and (2)after December 31, 2009, and before January 1, 2011, as made on December 31, 2009. . (e)

Conforming amendments

(1)Subsection (c) of section 36 of such Code is amended by striking paragraph (1) and by redesignating paragraphs (2), (3), (4), and (5) as paragraphs (1), (2), (3), and (4), respectively. (2)Section 36 of such Code is amended by striking First-time homebuyer credit in the heading and inserting Home purchase credit. (3)The table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by striking the item relating to section 36 and inserting the following new item: Sec. 36. Home purchase credit.. (4)Subparagraph (W) of section 26(b)(2) of such Code is amended by striking homebuyer credit and inserting home purchase credit. (f)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.