[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2801 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2801

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 10, 2009

  Mr. Coble 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. SHORT TITLE.

    This Act may be cited as the ``Home Ownership Moves the Economy 
(HOME) Act of 2009''.

SEC. 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) Repeal of Limitation Based on Modified Adjusted Gross Income.--
            (1) In general.--Subsection (b) of section 36 of such Code 
        is amended by striking paragraph (2).
            (2) Conforming amendments.--Subsection (b) of such Code, as 
        amended by paragraph (1), is amended--
                    (A) by redesignating paragraph (1) as subsection 
                (b),
                    (B) in subsection (b), as so redesignated, by 
                redesignating subparagraphs (A), (B), and (C) as 
                paragraphs (1), (2), and (3), respectively, and
                    (C) in paragraph (2), as redesignated by 
                subparagraph (B) of this paragraph, by striking 
                ``subparagraph (A)'' and inserting ``paragraph (1)''.
    (d) Extension of Waiver of Recapture.--Subparagraph (D) of section 
36(f)(4) of such Code is amended--
            (1) by striking ``before December 1, 2009'' and inserting 
        ``before January 1, 2011'', and
            (2) in the heading by striking ``for purchases in 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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