[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 525 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 525

To amend the Internal Revenue Code of 1986 to repeal the recapture rule 
of the first-time homebuyer credit and to extend the application of the 
                          credit through 2009.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 14, 2009

Mr. Lewis of Georgia 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 repeal the recapture rule 
of the first-time homebuyer credit and to extend the application of the 
                          credit through 2009.

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

SECTION 1. MODIFICATIONS OF FIRST-TIME HOMEBUYER CREDIT.

    (a) Repeal of Recapture Rule.--Section 36 of the Internal Revenue 
Code of 1986 (relating to first-time homebuyer credit) is amended by 
striking subsection (f) (relating to recapture of credit) and 
redesignating subsections (g) and (h) as subsections (f) and (g), 
respectively.
    (b) Extension of Application of Section.--Subsection (g) of such 
Code (as redesignated by subsection (a)) is amended by striking ``July 
1, 2009'' and inserting ``January 1, 2010''.
    (c) Conforming Amendment.--Section 26(b)(2) of such Code is amended 
by adding ``, and'' at the end of subparagraph (U), by striking ``, 
and'' at the end of subparagraph (V) and inserting a period, and by 
striking subparagraph (W).
    (d) Effective Dates.--The amendments made by this section shall 
apply to residences purchased on or after the date of the enactment of 
this Act.
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