[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3921 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3921

 To amend the Internal Revenue Code of 1986 to extend for 90 days the 
   first-time homebuyer credit for taxpayers who have entered into a 
        binding contract before the termination of such credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 23, 2009

    Mr. Donnelly of Indiana (for himself and Mr. Gary G. Miller of 
 California) 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 for 90 days the 
   first-time homebuyer credit for taxpayers who have entered into a 
        binding contract before the termination of such 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 ``First-Time Homebuyer Tax Credit 
Guarantee Act of 2009''.

SEC. 2. 90-DAY EXTENSION OF FIRST-TIME HOMEBUYER CREDIT IN CASE OF 
              BINDING CONTRACT.

    (a) In General.--Subsection (h) of section 36 of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``This section'' and inserting the 
        following:
            ``(1) In general.--Except as provided in paragraph (2), 
        this section'', and
            (2) by adding at the end the following new paragraph:
            ``(2) Binding contract exception.--In the case of a 
        principal residence purchased by the taxpayer not later than 
        the 90-day period beginning on December 1, 2009, pursuant to a 
        written binding contract which was in effect on November 30, 
        2009--
                    ``(A) paragraph (1) shall not apply,
                    ``(B) clauses (i) and (ii) of paragraph (f)(4)(D) 
                shall apply with respect to the purchase of such 
                residence, and
                    ``(C) in the case of such a purchase after December 
                31, 2009, the 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)).''.
    (b) Conforming Amendment.--Paragraph (4) of section 1400C(e) of 
such Code is amended by inserting ``(in the case of a purchase to which 
section 36(h)(2) applies, before the end of the 90-day period described 
therein)'' after ``December 1, 2009''.
    (c) Effective Date.--The amendments made by this section shall 
apply to residences purchased after November 30, 2009.
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