[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 802 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 802

  To amend the Internal Revenue Code of 1986 to extend and modify the 
                      first-time homebuyer credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 2009

  Mr. Heller 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 and modify the 
                      first-time homebuyer credit.

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

SECTION 1. EXTENSION AND MODIFICATION OF FIRST-TIME HOMEBUYER CREDIT.

    (a) Extension of Credit.--Subsection (i) of section 36 of the 
Internal Revenue Code of 1986 (as redesignated by subsection (d)) is 
amended by striking ``July 1, 2009'' and inserting ``January 1, 2010''.
    (b) Repeal of First-Time Homebuyer Requirement.--
            (1) In general.--Subsection (a) of section 36 of such Code 
        is amended by striking ``an individual who is a first-time 
        homebuyer of a principal residence'' and inserting ``an 
        individual who purchases a principal residence''.
            (2) Conforming amendments.--
                    (A) Section 36(b)(1)(A) of such Code is amended by 
                inserting ``with respect to any taxpayer for any 
                taxable year'' after ``subsection (a)''.
                    (B) Section 36(c) of such Code is amended by 
                striking paragraph (1) and by redesignating paragraphs 
                (2) through (5) as paragraphs (1) through (4), 
                respectively.
                    (C) The heading of section 36 of such Code (and the 
                item relating to such section in the table of sections 
                for subpart C of part IV of subchapter A of chapter 1) 
                are amended by striking ``first-time homebuyer'' and 
                inserting ``homebuyer''.
    (c) Repeal of Recapture Rules.--
            (1) In general.--Paragraph (4) of section 36(f) of such 
        Code is amended by adding at the end the following new 
        subparagraph:
                    ``(D) Waiver of recapture for purchases in 2009.--
                In the case of any credit allowed with respect to the 
                purchase of a principal residence after December 31, 
                2008--
                            ``(i) paragraph (1) shall not apply, and
                            ``(ii) paragraph (2) shall apply only if 
                        the disposition or cessation described in 
                        paragraph (2) with respect to such residence 
                        occurs during the 36-month period beginning on 
                        the date of the purchase of such residence by 
                        the taxpayer.''.
            (2) Conforming amendment.--Subsection (g) of section 36 of 
        such Code is amended by striking ``subsection (c)'' and 
        inserting ``subsections (c) and (f)(4)(D)''.
    (d) Downpayment Requirement.--Section 36 of such Code is amended by 
redesignating subsection (h) as subsection (i) and by inserting after 
subsection (g) the following new subsection:
    ``(h) Downpayment Requirement.--No credit shall be allowed under 
subsection (a) to any taxpayer with respect to the purchase of any 
residence unless such taxpayer makes a downpayment of not less 5 
percent of the purchase price of such residence. For purposes of the 
preceding sentence, an amount shall not be treated as a downpayment if 
such amount is repayable by the taxpayer to any other person.''.
    (e) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to residences 
        purchased after December 31, 2008.
            (2) Downpayment requirement.--The amendment made by 
        subsection (d) shall apply to residences purchased after the 
        date of the enactment of this Act.
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