1.Extension and expansion of the homebuyer tax credit
(a)Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended by striking December 1, 2009
and inserting January 1, 2010
.
(b)Increase in dollar limitation
(1)Section 36(b) of such Code is amended by striking $8,000
each place it appears and inserting $15,000
.
(2)Section 36(b)(1)(B) of such Code is amended by striking $4,000
and inserting $7,500
.
(c)Repeal of first-time homebuyer requirement
(1)Subsection (a) of section 36 of such Code is amended by striking an individual who is a first-time homebuyer of a principal residence
and inserting an individual who purchases a principal residence
.
(2)
(A)Section 36(b)(1)(A) of such Code is amended by inserting with respect to any taxpayer for any taxable year
after subsection (a)
.
(B)Section 36(c) of such Code is amended by striking paragraph (1) and by redesignating paragraphs (2) through (5) as paragraphs (1) through (4), respectively.
(C)The heading of section 36 of such Code (and the item relating to such section in the table of sections for subpart C of part IV of subchapter A of chapter 1) are amended by striking First-time homebuyer
and inserting Homebuyer
.
(d)The amendments made by this section shall apply to residences purchased after December 31, 2008.