[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2655 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2655

  To amend the Internal Revenue Code of 1986 to expand and extend the 
                      first-time homebuyer credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 2, 2009

 Mr. Burton of Indiana (for himself, Mr. Wilson of South Carolina, Ms. 
Clarke, and Mr. Davis of Illinois) 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXPANSION AND EXTENSION OF FIRST-TIME HOMEBUYER CREDIT.

    (a) Credit Allowed 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) Credit Extended.--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 by striking ``December 31, 2008, and 
before December 1, 2009'' and inserting ``April 8, 2008, and before 
January 1, 2011''.
    (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, 2008, or 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.
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