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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3761 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3761

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

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 8, 2009

  Mrs. Biggert (for herself, Mr. Rogers of Michigan, Mr. Harper, Mr. 
  Paul, Mr. Lance, Mr. Lee of New York, Mr. Thompson of Pennsylvania, 
 Mrs. Blackburn, Mr. Jones, Mrs. Bono Mack, Mr. King of New York, Mr. 
Gary G. Miller of California, and Mr. Duncan) introduced the following 
  bill; which was referred to the Committee on Ways and Means, and in 
    addition to the Committee on Appropriations, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL

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

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

SECTION 1. EXTENSION OF FIRST-TIME HOMEBUYER TAX CREDIT.

    (a) 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''.
    (b) Election To Treat Purchase in Prior Year.--Subsection (g) of 
section 36 of such Code is amended--
            (1) by striking ``December 1, 2009'' and inserting 
        ``January 1, 2010'', and
            (2) 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 the preceding sentence and subsections (c) 
        and (f)(4)(D)).''.
    (c) Extension of Waiver of Recapture.--Subparagraph (D) of section 
36(f)(4) of such Code is amended--
            (1) by striking ``December 1, 2009'' and inserting ``June 
        1, 2010'', and
            (2) by striking ``in 2009'' in the heading and inserting 
        ``after 2008''.
    (d) Effective Date.--The amendments made by this section shall 
apply to residences purchased after November 30, 2009.

SEC. 2. RESCISSION OF ARRA APPROPRIATIONS.

    (a) In General.--Effective on the date of the enactment of this 
Act, of the discretionary appropriations made available by division A 
of the American Recovery and Reinvestment Act of 2009 (Public Law 111-
5), the applicable percentage of unobligated balances are rescinded.
    (b) Applicable Percentage.--For purposes of this section, the term 
``applicable percentage'' means the percentage that the Secretary of 
the Treasury estimates will result in an increase in revenue to the 
Treasury equal to the decrease in revenue by reason of the amendments 
made by section 1 of this Act.
                                 <all>
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