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H.R. 2606House111th Congress (2009-2011)In Committee

Home Buying Credit Expansion Act

Sponsored by Eddie Bernice JohnsonRep. Eddie Bernice Johnson (D-TX)
Introduced May 21, 2009

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

Ways and Means Committee

May 21, 2009

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HouseIntro Referral

Introduced in House

May 21, 2009

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

May 21, 2009

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Introduced in HouseIssued May 21, 2009

I

111th CONGRESS

1st Session

H. R. 2606

IN THE HOUSE OF REPRESENTATIVES

May 21, 2009

Ms. Eddie Bernice Johnson of Texas 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 expand and extend the first-time homebuyer credit.

1.

Short title

This Act may be cited as the Home Buying Credit Expansion Act.

2.

Modification of first-time homebuyer credit

(a)

Expansion of credit to all homebuyers

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.

(b)

Extension of credit

Subsection (h) of section 36 of such Code is amended by striking December 1, 2009 and inserting January 1, 2011.

(c)

Extension of waiver of recapture

Subparagraph (D) of section 36(f)(4) of such Code is amended—

(1)

by striking December 31, 2008, and before December 1, 2009 and inserting April 8, 2008, and before January 1, 2011, and

(2)

in the heading by striking for purchases in 2009.

(d)

Election To treat purchase in prior year

Subsection (g) of such Code is amended to read as follows:

(g)

Election To treat purchase in prior year

For purposes of this section (other than subsections (c) and (f)(4)(D)), a taxpayer may elect to treat a purchase of a principal residence—

(1)

after December 31, 2008, and before January 1, 2010, as made on December 31, 2008, and

(2)

after December 31, 2009, and before January 1, 2011, as made on December 31, 2009.

.

(e)

Conforming amendments

(1)

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.

(2)

Section 36 of such Code is amended by striking First-time homebuyer credit in the heading and inserting Home purchase credit.

(3)

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..

(4)

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

(f)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.