I 111th CONGRESS 2d Session H. R. 4713 IN THE HOUSE OF REPRESENTATIVES February 26, 2010 Ms. Moore of Wisconsin (for herself, Mr. Thompson of Mississippi, and Mr. Loebsack) 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 allow the first-time homebuyer credit in the case of joint returns of long-time residents where only 1 spouse meets the ownership and use requirements.

1.

Allowance of first-time homebuyer credit for married long-time residents where only 1 spouse meets the ownership and use requirements

(a)

Special rule for married spouses

Paragraph (6) of section 36(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: In the case of a joint return where only 1 spouse meets the ownership and use requirements of the preceding sentence with respect to such same residence, such spouse shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.. (b)

Dollar limitation

Subparagraph (D) of section 36(b)(1) of such Code is amended by inserting before the period at the end the following: , except that in the case of a joint returned described in the second sentence of subsection (c)(6), subparagraphs (B) and (C) shall not apply and subparagraph (A) shall be applied by substituting $3,250 for $8,000.. (c)

Effective date

The amendments made by this section shall take effect as if included in the amendments made by subsections (b) and (c) of section 11 of the Worker, Homeownership, and Business Assistance Act of 2009.