Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section36&num=0&edition=prelim
Timestamp: 2020-02-26 20:33:50
Document Index: 274063788

Matched Legal Cases: ['§ 36', '§3011', '§1006', '§11', '§2', '§501', '§1011', '§1901', '§101', '§2', '§1006', '§2', '§11', '§12', '§1006']

[USC02] 26 USC 36: First-time homebuyer credit
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26 USC 36: First-time homebuyer credit Text contains those laws in effect on February 25, 2020
The amount allowable as a credit under subsection (a) (determined without regard to this paragraph) for the taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so allowable as-
The term "purchase" means any acquisition, but only if-
(ii) the basis of the property in the hands of the person acquiring such property is not determined-
No credit under subsection (a) shall be allowed to any taxpayer for any taxable year with respect to the purchase of a residence if-
If a taxpayer disposes of the principal residence with respect to which a credit was allowed under subsection (a) (or such residence ceases to be the principal residence of the taxpayer (and, if married, the taxpayer's spouse)) before the end of the recapture period-
In the case of a transfer of a residence to which section 1041(a) applies-
In the case of any credit allowed with respect to the purchase of a principal residence after December 31, 2008-
In the case of the disposition of a principal residence by an individual (or a cessation referred to in paragraph (2)) after December 31, 2008, in connection with Government orders received by such individual, or such individual's spouse, for qualified official extended duty service-
For purposes of this section, the term "qualified official extended duty service" means service on qualified official extended duty as-
In the case of any individual who serves on qualified official extended duty service (as defined in section 121(d)(9)(C)(i)) outside the United States for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010, and, if married, such individual's spouse-
(Added Pub. L. 110–289, div. C, title I, §3011(a), July 30, 2008, 122 Stat. 2888 ; amended Pub. L. 111–5, div. B, title I, §1006(a)–(c), (d)(2), (e), Feb. 17, 2009, 123 Stat. 316 , 317; Pub. L. 111–92, §§11(a)–(g), 12(a)–(c), Nov. 6, 2009, 123 Stat. 2989–2992 ; Pub. L. 111–198, §2(a), (b), July 2, 2010, 124 Stat. 1356 .)
Another prior section 36, acts Aug. 16, 1954, ch. 736, 68A Stat. 15 ; Oct. 4, 1976, Pub. L. 94–455, title V, §501(b)(2), title X, §1011(c), title XIX, §1901(b)(1)(A), 90 Stat. 1558 , 1611, 1790, directed that credits provided by section 32 not be allowed if an individual elects under section 144 to take standard deduction, prior to repeal by Pub. L. 95–30, title I, §§101(d)(3), 106(a), May 23, 1977, 91 Stat. 133 , 141, applicable to taxable years beginning after Dec. 31, 1976.
2010-Subsec. (h)(2). Pub. L. 111–198, §2(a), substituted "and who purchases such residence before October 1, 2010, paragraph (1) shall be applied by substituting 'October 1, 2010' " for "paragraph (1) shall be applied by substituting 'July 1, 2010' ".
2009-Subsec. (b)(1)(A). Pub. L. 111–5, §1006(b)(1), substituted "$8,000" for "$7,500".
Pub. L. 111–198, §2(c), July 2, 2010, 124 Stat. 1356 , provided that: "The amendments made by this section [amending this section] shall apply to residences purchased after June 30, 2010."
Pub. L. 111–92, §11(j)(1)–(3), Nov. 6, 2009, 123 Stat. 2991 , provided that:
"(1) In general.-The amendments made by subsections (b), (c), (d), and (g) [amending this section] shall apply to residences purchased after the date of the enactment of this Act [Nov. 6, 2009].
"(2) Extensions.-The amendments made by subsections (a) [amending this section], (f) [amending this section], and (i) [amending section 1400C of this title] shall apply to residences purchased after November 30, 2009.
"(3) Waiver of recapture.-The amendment made by subsection (e) [amending this section] shall apply to dispositions and cessations after December 31, 2008."
Pub. L. 111–92, §12(e), Nov. 6, 2009, 123 Stat. 2992 , provided that:
"(1) In general.-Except as otherwise provided in this subsection, the amendments made by this section [amending this section and section 6213 of this title] shall apply to purchases after the date of the enactment of this Act [Nov. 6, 2009].
"(2) Documentation requirement.-The amendments made by subsection (b) [amending this section] shall apply to returns for taxable years ending after the date of the enactment of this Act [Nov. 6, 2009].
"(3) Treatment as mathematical and clerical errors.-The amendments made by subsection (d) [amending section 6213 of this title] shall apply to returns for taxable years ending on or after April 9, 2008."
Pub. L. 111–5, div. B, title I, §1006(f), Feb. 17, 2009, 123 Stat. 317 , provided that: "The amendments made by this section [amending this section and section 1400C of this title] shall apply to residences purchased after December 31, 2008."