H.R. 2801

Home Ownership Moves the Economy (HOME) Act of 2009

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I

111th CONGRESS

1st Session

H. R. 2801

IN THE HOUSE OF REPRESENTATIVES

June 10, 2009

Mr. Coble 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 Ownership Moves the Economy (HOME) Act of 2009.

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)

Repeal of limitation based on modified adjusted gross income

(1)

In general

Subsection (b) of section 36 of such Code is amended by striking paragraph (2).

(2)

Conforming amendments

Subsection (b) of such Code, as amended by paragraph (1), is amended—

(A)

by redesignating paragraph (1) as subsection (b),

(B)

in subsection (b), as so redesignated, by redesignating subparagraphs (A), (B), and (C) as paragraphs (1), (2), and (3), respectively, and

(C)

in paragraph (2), as redesignated by subparagraph (B) of this paragraph, by striking subparagraph (A) and inserting paragraph (1).

(d)

Extension of waiver of recapture

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

(1)

by striking before December 1, 2009 and inserting before January 1, 2011, and

(2)

in the heading by striking for purchases in 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.