SECTION 1. TEMPORARY EXPANSION OF FIRST-TIME HOMEBUYER CREDIT TO ALL 
              HOMEBUYERS.

    (a) In General.--Section 36 of the Internal Revenue Code of 1986 
(relating to first-time homebuyer credit) is amended by redesignating 
subsections (g) and (h) as subsections (h) and (i), respectively, and 
by inserting after subsection (f) the following new subsection:
    ``(g) Credit Temporarily Allowable to All Homebuyers.--
            ``(1) Credit expanded to all homebuyers.--Except as 
        provided in paragraph (1), in the case of residences purchased 
        after the date of the enactment of this subsection and before 
        July 1, 2010, the requirement that the taxpayer be a first-time 
        homebuyer shall not apply.
            ``(2) Exception.--No credit shall be allowed under this 
        section by reason of paragraph (1) if credit was allowed under 
        this section or 1400C (relating to first-time homebuyer in the 
        District of Columbia) to the taxpayer (or the taxpayer's 
        spouse) with respect to any other residence.''.
    (b) Conforming Amendments.--
            (1) Section 36 of such Code is amended by striking 
        ``December 1, 2009'' each place it appears (other than 
        subsection (h), as redesignated by subsection (a)) and 
        inserting ``July 1, 2010''.
            (2) The heading for subparagraph (D) of section 36(f)(4) of 
        such Code is amended by striking ``purchases in 2009'' and 
        inserting ``certain purchases''.
            (3) Subsection (h) of section 36 of such Code, as so 
        redesignated, is amended by striking ``December 31, 2009'' and 
        inserting ``January 1, 2010''.
            (4) The heading of such section 36 is amended by inserting 
        before the period ``; temporary credit for all homebuyers''.
            (5) The item relating to section 36 in the table of 
        sections for subpart C of part IV of subchapter A of chapter 1 
        of such Code is amended by inserting before the period ``; 
        Temporary credit for all homebuyers''.
    (c) Effective Date.--The amendments made by this section shall 
apply to residences purchased after the date of the enactment of this 
Act.

SEC. 2. TEMPORARY REFUNDABLE CREDIT FOR COSTS OF REFINANCING 
              ACQUISITION INDEBTEDNESS SECURED BY PRINCIPAL RESIDENCE.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by inserting after section 36 the following new section:

``SEC. 36A. TEMPORARY CREDIT FOR COSTS OF REFINANCING ACQUISITION 
              INDEBTEDNESS SECURED BY PRINCIPAL RESIDENCE.

    ``(a) Allowance of Credit.--In the case of an individual, there 
shall be allowed as a credit against the tax imposed by this subtitle 
an amount equal to the qualified refinancing costs paid or accrued by 
the taxpayer during the taxable year.
    ``(b) Limitations.--
            ``(1) Dollar limitation.--
                    ``(A) In general.--Except as otherwise provided in 
                this paragraph, the credit allowed under subsection (a) 
                shall not exceed $3,000.
                    ``(B) Married individuals filing separately.--In 
                the case of a married individual filing a separate 
                return, subparagraph (A) shall be applied by 
                substituting `$1,500' for `$3,000'.
                    ``(C) Other individuals.--If two or more 
                individuals who are not married own a principal 
                residence, the amount of the credit allowed under 
                subsection (a) shall be allocated among such 
                individuals in such manner as the Secretary may 
                prescribe, except that the total amount of the credits 
                allowed to all such individuals shall not exceed 
                $3,000.
            ``(2) Limitation based on modified adjusted gross income.--
        The amount allowable as a credit under subsection (a) 
        (determined without regard to this paragraph) for the taxable 
        year shall be reduced as provided in section 36(b)(2).
    ``(c) Qualified Financing Costs.--For purposes of this section, the 
term `qualified refinancing costs' means costs--
            ``(1) which are incurred to refinance acquisition 
        indebtedness (as defined in section 163(h)(3)) secured by the 
        principal residence of the taxpayer, and
            ``(2) which are not allowable as a deduction under this 
        chapter.
    ``(d) Exception.--No credit under subsection (a) shall be allowed 
to any nonresident alien.
    ``(e) Application of Section.--This section shall only apply to 
refinancings after the date of the enactment of this section and before 
July 1, 2010.''.
    (b) Conforming Amendments.--
            (1) Section 6211(b)(4)(A) of such Code is amended by 
        inserting ``36A,'' after ``36,''.
            (2) Section 1324(b)(2) of title 31, United States Code, is 
        amended by inserting ``36A,'' after ``36,''.
            (3) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by inserting after the item relating to section 36 
        the following new item:

``Sec. 36A. Temporary credit for costs of refinancing acquisition 
                            indebtedness secured by principal 
                            residence.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to refinancings after the date of the enactment of this Act in 
taxable years ending after such date.
Amends the Internal Revenue Code to allow until June 30, 2010: (1) a first-time homebuyer tax credit for all purchasers of a principal residence (not just first-time homebuyers); and (2) a refundable tax credit, up to $3,000, for the costs of refinancing a principal residence.
To amend the Internal Revenue Code of 1986 to temporarily expand the credit for first-time homebuyers to all homebuyers and to allow individuals a temporary refundable credit against income tax for the costs of refinancing acquisition indebtedness secured by their principal residence.