I 111th CONGRESS 1st Session H. R. 525 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.

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.