I
111th CONGRESS
1st Session
H. R. 3761
IN THE HOUSE OF REPRESENTATIVES
October 8, 2009
Mrs. Biggert (for herself, Mr. Rogers of Michigan, Mr. Harper, Mr. Paul, Mr. Lance, Mr. Lee of New York, Mr. Thompson of Pennsylvania, Mrs. Blackburn, Mr. Jones, Mrs. Bono Mack, Mr. King of New York, Mr. Gary G. Miller of California, and Mr. Duncan) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
A BILL
To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit, and for other purposes.
Extension of first-time homebuyer tax credit
In general
Subsection (h) of section 36 of the Internal Revenue Code
of 1986 is amended by striking December 1, 2009
and inserting
June 1, 2010
.
Election To treat purchase in prior year
Subsection (g) of section 36 of such Code is amended—
by striking
December 1, 2009
and inserting January 1, 2010
,
and
by adding at the
end the following: In the case of a purchase of a principal residence
after December 31, 2009, and before June 1, 2010, a taxpayer may elect to treat
such purchase as made on December 31, 2009, for purposes of this section (other
than the preceding sentence and subsections (c) and (f)(4)(D)).
.
Extension of waiver of recapture
Subparagraph (D) of section 36(f)(4) of such Code is amended—
by striking
December 1, 2009
and inserting June 1, 2010
,
and
by striking
in
2009
in the heading and inserting
after
2008
.
Effective date
The amendments made by this section shall apply to residences purchased after November 30, 2009.
Rescission of ARRA appropriations
In general
Effective on the date of the enactment of this Act, of the discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5), the applicable percentage of unobligated balances are rescinded.
Applicable percentage
For purposes of this section, the term applicable percentage means the percentage that the Secretary of the Treasury estimates will result in an increase in revenue to the Treasury equal to the decrease in revenue by reason of the amendments made by section 1 of this Act.