[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1678 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1678

  To amend the Internal Revenue Code of 1986 to extend the first-time 
             homebuyer tax credit, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 16, 2009

  Mr. Cardin (for himself, Mr. Ensign, Mr. Reid, Mr. Isakson, and Ms. 
   Stabenow) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to extend the first-time 
             homebuyer tax 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. EXTENSION OF FIRST-TIME HOMEBUYER TAX CREDIT.

    (a) In General.--Subsection (h) of section 36 of the Internal 
Revenue Code of 1986 is amended by striking ``December 1, 2009'' and 
inserting ``June 1, 2010''.
    (b) Election To Treat Purchase in Prior Year.--Subsection (g) of 
section 36 of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``December 1, 2009'' and inserting 
        ``January 1, 2010'', and
            (2) by adding at the end the following: ``In the case of a 
        purchase of a principal residence after December 31, 2009, and 
        before June 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)).''.
    (c) Extension of Waiver of Recapture.--Subparagraph (D) of section 
36(f)(4) of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``December 1, 2009'' and inserting ``June 
        1, 2010'', and
            (2) by striking ``in 2009'' in the heading and inserting 
        ``after 2008''.
    (d) Effective Date.--The amendments made by this section shall 
apply to residences purchased after November 30, 2009.
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