[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 740 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 740

To amend the Internal Revenue Code of 1986 to expand the homebuyer tax 
                    credit, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 30, 2009

  Mr. Specter 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 expand the 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. EXPANSION OF THE HOMEBUYER TAX CREDIT.

    (a) Elimination of First-Time Homebuyer Requirement.--
            (1) In general.--Subsection (a) of section 36 of the 
        Internal Revenue Code of 1986 is amended by striking ``who is a 
        first-time homebuyer of a principal residence'' and inserting 
        ``who purchases a principal residence''.
            (2) Conforming amendments.--
                    (A) Subsection (c) of section 36 of the Internal 
                Revenue Code of 1986 is amended by striking paragraph 
                (1) and by redesignating paragraphs (2), (3), (4), and 
                (5) as paragraphs (1), (2), (3), and (4), respectively.
                    (B) Section 36 of such Code is amended by striking 
                ``first-time homebuyer credit'' in the heading and 
                inserting ``home purchase credit''.
                    (C) The table of sections for subpart C of part IV 
                of subchapter A of chapter 1 of such Code is amended by 
                striking the item relating to section 36 and inserting 
                the following new item:

``Sec. 36. Home purchase credit.''.
                    (D) Subparagraph (W) of section 26(b)(2) of such 
                Code is amended by striking ``homebuyer credit'' and 
                inserting ``home purchase credit''.
    (b) Modification of Credit Amount.--Paragraph (1) of section 36(b) 
of the Internal Revenue Code of 1986, as amended by the American 
Recovery and Reinvestment Tax Act of 2009, is amended--
            (1) by striking ``$8,000'' each place it appears and 
        inserting ``$15,000'', and
            (2) by striking ``$4,000'' in subparagraph (B) and 
        inserting ``$7,500''.
    (c) Elimination of Income Limitation.--Subsection (b) of section 36 
of the Internal Revenue Code of 1986, as amended by this section, is 
amended--
            (1) by striking paragraph (2),
            (2) by striking ``Limitations'' in the heading and 
        inserting ``Dollar Limitation'',
            (3) by redesignating subparagraphs (A), (B), and (C) of 
        paragraph (1) as paragraphs (1), (2), and (3), respectively, 
        and
            (4) by striking ``(1) Dollar limitation.--''.
    (d) Effective Date.--The amendments made by this section shall 
apply to residences purchased after the date of the enactment of this 
Act.
                                 <all>