II
111th CONGRESS
1st Session
S. 1678
IN THE SENATE OF THE UNITED STATES
September 16, 2009
Mr. Cardin (for himself, Mr. Ensign, Mr. Reid, Mr. Isakson, and Ms. Stabenow) introduced the following bill; which was read twice and referred to the Committee on Finance
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 the Internal Revenue Code of 1986 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 subsections (c) and (f)(4)(D)).
.
Extension of waiver of recapture
Subparagraph (D) of section 36(f)(4) of the Internal Revenue Code of 1986 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.