I 111th CONGRESS 1st Session H. R. 3779 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.
1.
Short title
This Act may be cited as the Homebuyer Tax Credit Fairness Act of 2009.
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.
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.