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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2606 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2606

  To amend the Internal Revenue Code of 1986 to expand and extend the 
                      first-time homebuyer credit.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 21, 2009

Ms. Eddie Bernice Johnson of Texas 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 expand and extend the 
                      first-time homebuyer credit.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Buying Credit Expansion Act''.

SEC. 2. MODIFICATION OF FIRST-TIME HOMEBUYER CREDIT.

    (a) Expansion of Credit to All Homebuyers.--Subsection (a) of 
section 36 of the Internal Revenue Code of 1986 is amended by striking 
``who is a first-time homebuyer of a principal residence'' and 
inserting ``who purchases a principal residence''.
    (b) Extension of Credit.--Subsection (h) of section 36 of such Code 
is amended by striking ``December 1, 2009'' and inserting ``January 1, 
2011''.
    (c) Extension of Waiver of Recapture.--Subparagraph (D) of section 
36(f)(4) of such Code is amended--
            (1) by striking ``December 31, 2008, and before December 1, 
        2009'' and inserting ``April 8, 2008, and before January 1, 
        2011'', and
            (2) in the heading by striking ``for purchases in 2009''.
    (d) Election To Treat Purchase in Prior Year.--Subsection (g) of 
such Code is amended to read as follows:
    ``(g) Election To Treat Purchase in Prior Year.--For purposes of 
this section (other than subsections (c) and (f)(4)(D)), a taxpayer may 
elect to treat a purchase of a principal residence--
            ``(1) after December 31, 2008, and before January 1, 2010, 
        as made on December 31, 2008, and
            ``(2) after December 31, 2009, and before January 1, 2011, 
        as made on December 31, 2009.''.
    (e) Conforming Amendments.--
            (1) Subsection (c) of section 36 of such Code is amended by 
        striking paragraph (1) and by redesignating paragraphs (2), 
        (3), (4), and (5) as paragraphs (1), (2), (3), and (4), 
        respectively.
            (2) Section 36 of such Code is amended by striking ``first-
        time homebuyer credit'' in the heading and inserting ``home 
        purchase credit''.
            (3) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of such Code is amended by striking 
        the item relating to section 36 and inserting the following new 
        item:

``Sec. 36. Home purchase credit.''.
            (4) Subparagraph (W) of section 26(b)(2) of such Code is 
        amended by striking ``homebuyer credit'' and inserting ``home 
        purchase credit''.
    (f) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
                                 <all>
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