it) 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
HOME-
BUYERS.—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 (re-
lating to first-time homebuyer in the District of Co-
lumbia) 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 sub-
section (a)) and inserting ‘‘July 1, 2010’’. 
(2) The heading for subparagraph (D) of sec-
tion 36(f)(4) of such Code is amended by striking 
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‘‘PURCHASES IN 2009’’ and inserting ‘‘CERTAIN PUR-
CHASES’’. 
(3) Subsection (h) of section 36 of such Code, 
as so redesignated, is amended by striking ‘‘Decem-
ber 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 home-
buyers’’. 
(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 sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 (relating to refundable credits) is amended by insert-
ing after section 36 the following new section: 
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‘‘SEC. 36A. TEMPORARY CREDIT FOR COSTS OF REFI-
NANCING ACQUISITION INDEBTEDNESS SE-
CURED BY PRINCIPAL RESIDENCE. 
‘‘(a) ALLOWANCE OF CREDIT.—In the case of an in-
dividual, 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 SEPA-
RATELY.—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 al-
lowed 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 indi-
viduals shall not exceed $3,000. 
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‘‘(2) LIMITATION
BASED
ON
MODIFIED
AD-
JUSTED 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)) se-
cured 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,’’. 
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(3) The table of sections for subpart C of part 
IV of subchapter A of chapter 1 of the Internal Rev-
enue 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. 
Æ 
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