1.Expansion of the homebuyer
tax credit
(a)Elimination of
first-time homebuyer requirement
(1)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)
(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 amountParagraph (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 limitationSubsection (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)The amendments made by this section shall apply to
residences purchased after the date of the enactment of this Act.