I 111th CONGRESS 1st Session H. R. 2655 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.

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.