[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3779 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3779

  To amend the Internal Revenue Code of 1986 to extend and expand the 
                         homebuyer tax credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 8, 2009

  Mr. Lance 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 and expand the 
                         homebuyer tax 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 ``Homebuyer Tax Credit Fairness Act of 
2009''.

SEC. 2. EXTENSION AND EXPANSION OF HOMEBUYER TAX CREDIT.

    (a) Repeal of First-Time Homebuyer Requirement.--
            (1) In general.--Subsection (a) of section 36 of the 
        Internal Revenue Code of 1986 is amended by striking ``an 
        individual who is a first-time homebuyer of a principal 
        residence'' and inserting ``an individual who purchases a 
        principal residence''.
            (2) Conforming amendments.--
                    (A) Section 36(b)(1)(A) of such Code is amended by 
                inserting ``with respect to any taxpayer for any 
                taxable year'' after ``subsection (a)''.
                    (B) Section 36(c) of such Code is amended by 
                striking paragraph (1) and by redesignating paragraphs 
                (2) through (5) as paragraphs (1) through (4), 
                respectively.
                    (C) The heading of section 36 of such Code (and the 
                item relating to such section in the table of sections 
                for subpart C of part IV of subchapter A of chapter 1 
                of such Code) are amended by striking ``first-time 
                homebuyer'' and inserting ``homebuyer''.
    (b) Increase in Dollar Limitation.--
            (1) In general.--Section 36(b) of such Code is amended by 
        striking ``$8,000'' each place it appears and inserting 
        ``$15,000''.
            (2) Conforming amendment.--Section 36(b)(1)(B) of such Code 
        is amended by striking ``$4,000'' and inserting ``$7,500''.
    (c) Repeal of Income Phaseout.--Section 36(b) of such Code is 
amended by striking paragraph (2).
    (d) Waiver of Recapture for Individuals on Qualified Official 
Extended Duty.--Paragraph (4) of section 36(f) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
subparagraph:
                    ``(E) Special rule for members of the armed forces, 
                etc.--
                            ``(i) In general.--In the case of the 
                        disposition of a principal residence by an 
                        individual (or a cessation referred to in 
                        paragraph (2)) after December 31, 2008, in 
                        connection with Government orders received by 
                        such individual, or such individual's spouse, 
                        for qualified official extended duty service--
                                    ``(I) paragraph (2) and subsection 
                                (d)(2) shall not apply to such 
                                disposition (or cessation), and
                                    ``(II) if such residence was 
                                acquired before January 1, 2009, 
                                paragraph (1) shall not apply to the 
                                taxable year in which such disposition 
                                (or cessation) occurs or any subsequent 
                                taxable year.
                            ``(ii) Qualified official extended duty 
                        service.--For purposes of this section, the 
                        term `qualified official extended duty service' 
                        means service on qualified official extended 
                        duty as--
                                    ``(I) a member of the uniformed 
                                services,
                                    ``(II) a member of the Foreign 
                                Service of the United States, or
                                    ``(III) as an employee of the 
                                intelligence community.
                            ``(iii) Definitions.--Any term used in this 
                        subparagraph which is also used in paragraph 
                        (9) of section 121(d) shall have the same 
                        meaning as when used in such paragraph.''.
    (e) Extension of Credit.--Subsection (h) of section 36 of such Code 
is amended by striking ``December 1, 2009'' and inserting ``December 1, 
2010''.
    (f) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        taxable years beginning after December 31, 2008.
            (2) Waiver of recapture for individuals on qualified 
        official extended duty.--The amendment made by subsection (d) 
        shall apply to dispositions and cessations after December 31, 
        2008.
            (3) Extension of credit.--The amendment made by subsection 
        (e) shall apply to purchases after November 30, 2009.

SEC. 3. RESCISSION OF UNOBLIGATED STIMULUS FUNDS.

    Effective on the date of the enactment of this Act, there are 
hereby rescinded all unobligated balances of the discretionary 
appropriations made available by division A of the American Recovery 
and Reinvestment Act of 2009.
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