1.Credit for certain home
purchases
(a)Elimination of
first-Time homebuyer requirement
(1)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
.
(2)
(A)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.
(B)Section 36 of such
Code is amended by striking First-time homebuyer credit
in the heading
and inserting Home purchase
credit
.
(C)Subparagraph (W)
of section 26(b)(2) of such Code is amended by striking homebuyer
credit
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.
.
(b)
(1)Subsection (h) of section 36 of such Code is amended by
striking December 1, 2009
and inserting July 1,
2010
.
(2)Subparagraph (D) of
section 36(f)(4) of such Code is amended—
(A)by striking
December 1, 2009
and inserting July 1, 2010
,
and
(B)by inserting
and
2010
after 2009
in the heading thereof.
(3)Election to
treat purchase in prior yearSubsection (g) of section 36 of such
Code is amended—
(A)by striking
December 1, 2009
and inserting January 1, 2010
,
and
(B)by adding at the
end the following: In the case of a purchase of a principal residence
after December 31, 2009, and before July 1, 2010, a taxpayer may elect to treat
such purchase as made on December 31, 2009, for purposes of this section (other
than subsections (c) and (f)(4)(D)).
.
(c)Modification of
gross income limitationSubsection (b) of section 36 of such Code
is amended—
(1)by striking
$150,000
in paragraph (2)(A)(i)(II) and inserting
$300,000
, and
(2)by striking
$75,000
in such paragraph (2)(A)(i)(II) and inserting
$150,000
.
(d)Waiver of
accelerated recapture for members of the Armed ForcesParagraph
(4) of section 36(f) of such Code is amended by adding at the end the following
new subparagraph:
(E)Relocation of
members of the Armed ForcesParagraph (2) shall not apply in the
case of a member of the Armed Forces of the United States on active duty who
moves pursuant to a military order and incident to a permanent change of
station.
.
(e)
(1)Except as provided in paragraph (2), the amendments made
by this section shall apply to residences purchased on or after the date of the
enactment of this Act.
(2)The
amendments made by subsection (b) shall apply to residences purchased after
November 30, 2009.