[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4032 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4032

  To amend the Internal Revenue Code of 1986 to extend the first-time 
    homebuyer tax credit and to eliminate the first-time homebuyer 
  requirement and increase the adjusted gross income limitations with 
            respect to such credit, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 5, 2009

Mr. Brady of Texas 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 and to eliminate the first-time homebuyer 
  requirement and increase the adjusted gross income limitations with 
            respect to such credit, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CREDIT FOR CERTAIN HOME PURCHASES.

    (a) Elimination of First-Time Homebuyer Requirement.--
            (1) In general.--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) Conforming amendments.--
                    (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) Clerical amendment.--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.''.
            (4) Effective date.--The amendments made by this subsection 
        shall apply to residences purchased on or after the date of the 
        enactment of this Act.
    (b) Extension.--
            (1) In general.--Subsection (h) of section 36 of such Code 
        is amended by striking ``December 1, 2009'' and inserting 
        ``December 1, 2010''.
            (2) Waiver of recapture.--Subparagraph (D) of section 
        36(f)(4) of such Code is amended--
                    (A) by striking ``December 1, 2009'' and inserting 
                ``December 1, 2010'', and
                    (B) by inserting ``and 2010'' after ``2009'' in the 
                heading thereof.
            (3) Election to treat purchase in prior year.--Subsection 
        (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 December 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)).''.
            (4) Effective date.--The amendments made by this subsection 
        shall apply to residences purchased after November 30, 2009.
    (c) Modification of Gross Income Limitation.--
            (1) In general.--Subsection (b) of section 36 of such Code 
        is amended--
                    (A) by striking ``$150,000'' in paragraph 
                (2)(A)(i)(II) and inserting ``$300,000'', and
                    (B) by striking ``$75,000'' in such paragraph 
                (2)(A)(i)(II) and inserting ``$150,000''.
            (2) Effective date.--The amendments made by this subsection 
        shall apply to residences purchased after the date of the 
        enactment of this Act.
    (d) Waiver of Recapture of First-Time Homebuyer Credit for 
Individuals on Qualified Official Extended Duty.--
            (1) In general.--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.''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to dispositions and cessations after December 31, 
        2008.
                                 <all>