H.R. 5188

To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit through December 31, 2010, and for other purposes.

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I

111th CONGRESS

2d Session

H. R. 5188

IN THE HOUSE OF REPRESENTATIVES

April 29, 2010

Mr. Hinchey 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 tax credit through December 31, 2010, and for other purposes.

1.

Extension of first-time homebuyer credit

(a)

In general

Paragraph (1) of section 36(h) of the Internal Revenue Code of 1986 is amended by striking May 1, 2010 and inserting January 1, 2011.

(b)

Binding contract exception

Paragraph (2) of section 36(h) of such Code is amended—

(1)

by striking May 1, 2010 each place it appears and inserting January 1, 2011, and

(2)

by striking July 1, 2010 each place it appears and inserting May 1, 2011.

(c)

Special rule for individuals on qualified official extended duty outside the United States

Paragraph (3) of section 36(h) of such Code is amended—

(1)

by striking May 1, 2010 in the matter preceding subparagraph (A) and inserting January 1, 2011,

(2)

by striking May 1, 2011 for May 1, 2010 and inserting January 1, 2012 for January 1, 2011, and

(3)

by striking July 1, 2011 for July 1, 2010 and inserting May 1, 2012 for May 1, 2011.

(d)

Effective date

The amendments made by this section shall apply to residences purchased after April 30, 2010.