S.Amdt. 2699

1. Adds SEC. __. CREDIT FOR CERTAIN HOME PURCHASES at the end of the bill

   Adds a section

   In H.R. 3548 · Placed on Calendar Senate

   Passed the House of Representatives September 22, 2009.

   Inserted: SEC. __. CREDIT FOR CERTAIN HOME PURCHASES.

   Inserted: (a) Elimination of First-Time Homebuyer Requirement.--

   Inserted: (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".

   Inserted: (2) Conforming amendments.--

   Inserted: (A) Subsection (c) of section 36 of such Code is amended by striking paragraph (1) and by redesignating paragraphs (2), (3), (4), and (5) as paragraphs (1), (2), (3), and (4), respectively.

   Inserted: (B) Section 36 of such Code is amended by striking "FIRST-TIME HOMEBUYER CREDIT" in the heading and inserting "HOME PURCHASE CREDIT".

   Inserted: (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:

   Inserted: "Sec. 36. Home purchase credit.".

   Inserted: (D) Subparagraph (W) of section 26(b)(2) of such Code is amended by striking "homebuyer credit" and inserting "home purchase credit".

   Inserted: (b) Expansion of Application Period.--

   Inserted: (1) In general.--Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended by striking "December 1, 2009" and inserting "July 1, 2010".

   Inserted: (2) Waiver of recapture.--

   Show 49 more inserted paragraphsShow less

   Inserted: (A) In general.--Subparagraph (D) of section 36(f) of such Code is amended by striking "December 1, 2009" and inserting "July 1, 2010".

   Inserted: (B) Conforming amendment.--The heading of such subparagraph (D) is amended by inserting "and 2010" after "2009".

   Inserted: (3) Election to treat purchase in prior year.--Subsection (g) of section 36 of such Code is amended--

   Inserted: (A) by striking "December 1, 2009" and inserting "January 1, 2010", and

   Inserted: (B) by adding at the end the following: "In the case of a purchase of a principal residence after December 31, 2009, and before July 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)).".

   Inserted: (c) Modification of Income Limitation.--Subsection (b) of section 36 of the Internal Revenue Code of 1986 is amended--

   Inserted: (1) by striking "$150,000" in paragraph (2)(A)(i)(II) and inserting "$300,000", and

   Inserted: (2) by striking "$75,000" in such paragraph (2)(A)(i)(II) and inserting "$150,000".

   Inserted: (d) Waiver of Accelerated Recapture for Members of the Armed Forces.--Paragraph (4) of section 36(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

   Inserted: "(E) Relocation of members of the armed forces.--Paragraph (2) shall not apply in the case of a member of the Armed Forces of the United States on active duty who moves pursuant to a military order and incident to a permanent change of station.".

   Inserted: (e) Effective Date.--

   Inserted: (1) In general.--Except as provided in paragraph (2), the amendments made by this section shall apply to residences purchased on or after the date of the enactment of this Act.

   Inserted: (2) Extension.--The amendments made by subsection (b) shall apply to residences purchased after November 30, 2009.

   Inserted: SEC. __. PROVISIONS TO ENHANCE THE ADMINISTRATION OF THE FIRST-TIME HOMEBUYER TAX CREDIT.

   Inserted: (a) Age Limitation.--

   Inserted: (1) In general.--Subsection (b) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

   Inserted: "(3) Age limitation.--No credit shall be allowed under subsection (a) with respect to the purchase of any residence unless the taxpayer has attained age 18 as of the date of such purchase. In the case of any taxpayer who is married (within the meaning of section 7703), the taxpayer shall be treated as meeting the age requirement of the preceding sentence if the taxpayer or the taxpayer's spouse meets such age requirement.".

   Inserted: (2) Conforming amendment.--Subsection (g) of section 36 of such Code, as amended by this Act, is amended by striking "subsections (c) and (f)(4)(D)" each place it appears and inserting "subsection (b)(3), (c), and (f)(4)(D)".

   Inserted: (b) Documentation Requirement.--Subsection (d) of section 36 of such Code is amended by striking "or" at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting ", or", and by adding at the end the following new paragraph:

   Inserted: "(3) the taxpayer fails to attach to the return of tax for such taxable year a properly executed copy of the settlement statement used to complete such purchase.".

   Inserted: (c) Restriction on Married Individual Acquiring Residence From Family of Spouse.--Clause (i) of section 36(c)(2)(A) of such Code, as redesignated by this Act, is amended by inserting "(or, if married, such individual's spouse)" after "person acquiring such property".

   Inserted: (d) Certain Errors With Respect to the First-Time Homebuyer Tax Credit Treated as Mathematical or Clerical Errors.--Paragraph (2) of section 6213(g) of such Code is amended by striking "and" at the end of subparagraph (M), by striking the period at the end of subparagraph (N) and inserting ", and", and by inserting after subparagraph (N) the following new subparagraph:

   Inserted: "(O) an entry on a return claiming the credit under section 36 if--

   Inserted: "(i) the Secretary obtains information from the person issuing the TIN of the taxpayer that indicates that the taxpayer does not meet the age requirement of section 36(b)(3),

   Inserted: "(ii) information provided to the Secretary by the taxpayer on an income tax return for at least one of the 2 preceding taxable years is inconsistent with eligibility for such credit, or

   Inserted: "(iii) the taxpayer fails to attach to the return the form described in section 36(d)(3).".

   Inserted: (e) Effective Date.--

   Inserted: (1) In general.--Except as otherwise provided in this subsection, the amendments made by this section shall apply to purchases after the date of the enactment of this Act.

   Inserted: (2) Documentation requirement.--The amendments made by subsection (b) shall apply to returns for taxable years ending after the date of the enactment of this Act.

   Inserted: (3) Treatment as mathematical and clerical errors.--The amendments made by subsection (d) shall apply to returns for taxable years ending on or after April 9, 2008.

   Inserted: SEC. __. CERTAIN TAX RETURN PREPARERS REQUIRED TO FILE RETURNS ELECTRONICALLY.

   Inserted: (a) In General.--Subsection (e) of section 6011 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

   Inserted: "(3) Special rule for tax return preparers.--

   Inserted: "(A) In general.--The Secretary shall require than any individual income tax return prepared by a tax return preparer be filed on magnetic media if--

   Inserted: "(i) such return is filed by such tax return preparer, and

   Inserted: "(ii) such tax return preparer is a specified tax return preparer for the calendar year during which such return is filed.

   Inserted: "(B) Specified tax return preparer.--For purposes of this paragraph, the term 'specified tax return preparer' means, with respect to any calendar year, any tax return preparer unless such preparer reasonably expects to file 100 or fewer individual income tax returns during such calendar year.

   Inserted: "(C) Individual income tax return.--For purposes of this paragraph, the term 'individual income tax return' means any return of the tax imposed by subtitle A on individuals, estates, or trusts.".

   Inserted: (b) Conforming Amendment.--Paragraph (1) of section 6011(e) of such Code is amended by striking "The Secretary may not" and inserting "Except as provided in paragraph (3), the Secretary may not".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to returns filed after December 31, 2010.

   Inserted: SEC. __. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.

   Inserted: (a) In General.--Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsections:

   Inserted: "(h) Application to Corporations.--Notwithstanding any regulation prescribed by the Secretary before the date of the enactment of this subsection, for purposes of this section the term 'person' includes any corporation that is not an organization exempt from tax under section 501(a).

   Inserted: "(i) Regulations.--The Secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.".

   Inserted: (b) Payments for Property and Other Gross Proceeds.--Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended--

   Inserted: (1) by inserting "amounts in consideration for property," after "wages,",

   Inserted: (2) by inserting "gross proceeds," after "emoluments, or other", and

   Inserted: (3) by inserting "gross proceeds," after "setting forth the amount of such".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to payments made after December 31, 2011.

   Original wording

   At the end, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed