I 111th CONGRESS 1st Session H. R. 3842 IN THE HOUSE OF REPRESENTATIVES October 15, 2009 Mr. Schrader (for himself and Mr. Driehaus) 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 extend the first-time homebuyer tax credit.

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 October 1, 2010. (b)

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 October 1, 2010, and (2)by striking in 2009 in the heading and inserting after 2008. (c)

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 October 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)).. (d)

Coordination with first-Time homebuyer credit for District of Columbia

Paragraph (4) of section 1400C(e) of such Code is amended by striking December 1, 2009 and inserting January 1, 2010. (e)

Effective date

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