II 111th CONGRESS 1st Session S. 1678 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.

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.