H.R. 2562

Service Members Home Ownership Act of 2009

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I

111th CONGRESS

1st Session

H. R. 2562

IN THE HOUSE OF REPRESENTATIVES

May 21, 2009

Mr. Kind (for himself, Mr. Kagen, Mr. Sam Johnson of Texas, and Mr. Boustany) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer credit for one year for members of the Armed Services of the United States serving outside the United States in 2009.

1.

Short title

This Act may be cited as the Service Members Home Ownership Act of 2009.

2.

Extension of first-time homebuyer credit for members of the Armed Forces serving outside the United States

(a)

In general

Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended—

(1)

by striking This section and inserting the following:

(1)

In general

This section

, and

(2)

by adding at the end the following:

(2)

Special rules for members of Armed Forces outside United States

In the case of an individual serving on qualified official extended duty outside of the United States as a member of the Armed Forces of the United States for a period in 2009 before December 1, 2009, of not less than 90 days—

(A)

paragraph (1) shall be applied by substituting December 1, 2010 for December 1, 2009,

(B)

subsection (f)(4)(D) shall be applied by substituting December 1, 2010 for December 1, 2009, and

(C)

in lieu of subsection (g), in the case of a purchase of a principal residence after November 30, 2009, and before December 1, 2010, the 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)).

For purposes of the preceding sentence, the term qualified official extended duty has the meaning given such term by section 121(d)(9).

.

(b)

Coordination with first-time homebuyer credit for District of Columbia

Paragraph (4) of section 1400C(e) of such Code is amended by inserting (December 1, 2010, in the case of a purchase subject to section 36(h)(2)) after December 1, 2009.

(c)

Effective date

The amendments made by this section shall apply to residences purchased after November 30, 2009.