I 111th CONGRESS 1st Session H. R. 3921 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.

1.

Short title

This Act may be cited as the First-Time Homebuyer Tax Credit Guarantee Act of 2009.

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.