Text: H.R.1453 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (03/11/2009)


111th CONGRESS
1st Session
H. R. 1453


To amend the Internal Revenue Code of 1986 to extend and expand the homebuyer tax credit.


IN THE HOUSE OF REPRESENTATIVES

March 11, 2009

Mr. Terry 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 and expand the homebuyer tax credit.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Extension and expansion of the homebuyer tax credit.

(a) Extension of credit.—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) IN GENERAL.—Section 36(b) of such Code is amended by striking “$8,000” each place it appears and inserting “$15,000”.

(2) CONFORMING AMENDMENT.—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) IN GENERAL.—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) CONFORMING AMENDMENTS.—

(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) Effective date.—The amendments made by this section shall apply to residences purchased after December 31, 2008.