I 

111TH CONGRESS 

1ST SESSION H. R. 2619 

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. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 21, 2009 

Mr. MARCHANT 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 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. TEMPORARY EXPANSION OF FIRST-TIME HOME4 BUYER CREDIT TO ALL HOMEBUYERS. 

5 (a) IN GENERAL.—Section 36 of the Internal Rev6 enue Code of 1986 (relating to first-time homebuyer credVerDate Nov 24 2008 21:58 May 24, 2009 Jkt 079200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2619.IH H2619

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1 it) is amended by redesignating subsections (g) and (h) 

2 as subsections (h) and (i), respectively, and by inserting 

3 after subsection (f) the following new subsection: 

4 ‘‘(g) CREDIT TEMPORARILY ALLOWABLE TO ALL

5 HOMEBUYERS.— 

6 ‘‘(1) CREDIT EXPANDED TO ALL HOME7 BUYERS.—Except as provided in paragraph (1), in 

8 the case of residences purchased after the date of 

9 the enactment of this subsection and before July 1, 

10 2010, the requirement that the taxpayer be a first11 time homebuyer shall not apply. 

12 ‘‘(2) EXCEPTION.—No credit shall be allowed 

13 under this section by reason of paragraph (1) if 

14 credit was allowed under this section or 1400C (re15 lating to first-time homebuyer in the District of Co16 lumbia) to the taxpayer (or the taxpayer’s spouse) 

17 with respect to any other residence.’’. 

18 (b) CONFORMING AMENDMENTS.— 

19 (1) Section 36 of such Code is amended by 

20 striking ‘‘December 1, 2009’’ each place it appears 

21 (other than subsection (h), as redesignated by sub22 section (a)) and inserting ‘‘July 1, 2010’’. 

23 (2) The heading for subparagraph (D) of sec24 tion 36(f)(4) of such Code is amended by striking 


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1 ‘‘PURCHASES IN 2009’’ and inserting ‘‘CERTAIN PUR2 CHASES’’. 

3 (3) Subsection (h) of section 36 of such Code, 

4 as so redesignated, is amended by striking ‘‘Decem5 ber 31, 2009’’ and inserting ‘‘January 1, 2010’’. 

6 (4) The heading of such section 36 is amended 

7 by inserting before the period ‘‘; TEMPORARY

8 CREDIT FOR ALL HOMEBUYERS’’. 

9 (5) The item relating to section 36 in the table 

10 of sections for subpart C of part IV of subchapter 

11 A of chapter 1 of such Code is amended by inserting 

12 before the period ‘‘; Temporary credit for all home13 buyers’’. 

14 (c) EFFECTIVE DATE.—The amendments made by 

15 this section shall apply to residences purchased after the 

16 date of the enactment of this Act. 

17 SEC. 2. TEMPORARY REFUNDABLE CREDIT FOR COSTS OF 

18 REFINANCING ACQUISITION INDEBTEDNESS 

19 SECURED BY PRINCIPAL RESIDENCE. 

20 (a) IN GENERAL.—Subpart C of part IV of sub21 chapter A of chapter 1 of the Internal Revenue Code of 

22 1986 (relating to refundable credits) is amended by insert23 ing after section 36 the following new section: 


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1 ‘‘SEC. 36A. TEMPORARY CREDIT FOR COSTS OF REFI2 NANCING ACQUISITION INDEBTEDNESS SE3 CURED BY PRINCIPAL RESIDENCE. 

4 ‘‘(a) ALLOWANCE OF CREDIT.—In the case of an in5 dividual, there shall be allowed as a credit against the tax 

6 imposed by this subtitle an amount equal to the qualified 

7 refinancing costs paid or accrued by the taxpayer during 

8 the taxable year. 

9 ‘‘(b) LIMITATIONS.— 

10 ‘‘(1) DOLLAR LIMITATION.— 

11 ‘‘(A) IN GENERAL.—Except as otherwise 

12 provided in this paragraph, the credit allowed 

13 under subsection (a) shall not exceed $3,000. 

14 ‘‘(B) MARRIED INDIVIDUALS FILING SEPA15 RATELY.—In the case of a married individual 

16 filing a separate return, subparagraph (A) shall 

17 be applied by substituting ‘$1,500’ for ‘$3,000’. 

18 ‘‘(C) OTHER INDIVIDUALS.—If two or 

19 more individuals who are not married own a 

20 principal residence, the amount of the credit al21 lowed under subsection (a) shall be allocated 

22 among such individuals in such manner as the 

23 Secretary may prescribe, except that the total 

24 amount of the credits allowed to all such indi25 viduals shall not exceed $3,000. 


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1 ‘‘(2) LIMITATION BASED ON MODIFIED AD2 JUSTED GROSS INCOME.—The amount allowable as 

3 a credit under subsection (a) (determined without 

4 regard to this paragraph) for the taxable year shall 

5 be reduced as provided in section 36(b)(2). 

6 ‘‘(c) QUALIFIED FINANCING COSTS.—For purposes 

7 of this section, the term ‘qualified refinancing costs’ 

8 means costs— 

9 ‘‘(1) which are incurred to refinance acquisition 

10 indebtedness (as defined in section 163(h)(3)) se11 cured by the principal residence of the taxpayer, and 

12 ‘‘(2) which are not allowable as a deduction 

13 under this chapter. 

14 ‘‘(d) EXCEPTION.—No credit under subsection (a) 

15 shall be allowed to any nonresident alien. 

16 ‘‘(e) APPLICATION OF SECTION.—This section shall 

17 only apply to refinancings after the date of the enactment 

18 of this section and before July 1, 2010.’’. 

19 (b) CONFORMING AMENDMENTS.— 

20 (1) Section 6211(b)(4)(A) of such Code is 

21 amended by inserting ‘‘36A,’’ after ‘‘36,’’. 

22 (2) Section 1324(b)(2) of title 31, United 

23 States Code, is amended by inserting ‘‘36A,’’ after 

24 ‘‘36,’’. 


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1 (3) The table of sections for subpart C of part 

2 IV of subchapter A of chapter 1 of the Internal Rev3 enue Code of 1986 is amended by inserting after the 

4 item relating to section 36 the following new item: 

‘‘Sec. 36A. Temporary credit for costs of refinancing acquisition indebtedness 

secured by principal residence.’’. 

5 (c) EFFECTIVE DATE.—The amendments made by 

6 this section shall apply to refinancings after the date of 

7 the enactment of this Act in taxable years ending after 

8 such date. 

Æ 


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