I 111th CONGRESS 1st Session H. R. 3761 IN THE HOUSE OF REPRESENTATIVES October 8, 2009 Mrs. Biggert (for herself, Mr. Rogers of Michigan, Mr. Harper, Mr. Paul, Mr. Lance, Mr. Lee of New York, Mr. Thompson of Pennsylvania, Mrs. Blackburn, Mr. Jones, Mrs. Bono Mack, Mr. King of New York, Mr. Gary G. Miller of California, and Mr. Duncan) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit, and for other purposes.

1.

Extension of first-time homebuyer tax credit

(a)

In general

Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended by striking December 1, 2009 and inserting June 1, 2010. (b)

Election To treat purchase in prior year

Subsection (g) of section 36 of such Code is amended— (1)by striking December 1, 2009 and inserting January 1, 2010, and (2)by adding at the end the following: In the case of a purchase of a principal residence after December 31, 2009, and before June 1, 2010, a taxpayer may elect to treat such purchase as made on December 31, 2009, for purposes of this section (other than the preceding sentence and subsections (c) and (f)(4)(D)).. (c)

Extension of waiver of recapture

Subparagraph (D) of section 36(f)(4) of such Code is amended— (1)by striking December 1, 2009 and inserting June 1, 2010, and (2)by striking in 2009 in the heading and inserting after 2008. (d)

Effective date

The amendments made by this section shall apply to residences purchased after November 30, 2009.

2.

Rescission of ARRA appropriations

(a)

In general

Effective on the date of the enactment of this Act, of the discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5), the applicable percentage of unobligated balances are rescinded. (b)

Applicable percentage

For purposes of this section, the term applicable percentage means the percentage that the Secretary of the Treasury estimates will result in an increase in revenue to the Treasury equal to the decrease in revenue by reason of the amendments made by section 1 of this Act.