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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Veterans Homebuyer Accessibility Act
of 2012''.

SEC. 2. VETERAN FIRST-TIME HOMEBUYER TAX CREDIT.

(a) In General.--Subsection (a) of section 36 of the Internal
Revenue Code of 1986 is amended to read as follows:
''(a) Allowance of Credit.--In the case of an eligible veteran who
purchases a principal residence in the United States during the taxable
year, there shall be allowed as a credit against the tax imposed by
this subtitle for such taxable year an amount equal to 10 percent of
the purchase price of the residence.''.
(b) Additional Limitation for Adaptive Housing Improvements.--
Paragraph (1) of section 36(b) of such Code is amended by redesignating
subparagraphs (B), (C), and (D) as subparagraphs (C), (D), and (E),
respectively, and by inserting after subparagraph (A) the following new
subparagraph:
''(B) Special rule for adaptive housing
improvements.--In the case of a principal residence
with special fixtures or movable facilities made
necessary by the nature of the disability of the
veteran, if such fixtures and facilities are--
''(i) provided to the veteran pursuant to
specially adapted housing assistance under
chapter 21 of title 38, United States Code, or
''(ii) similar to such fixtures and
facilities that would be provided to the
veteran if the veteran received such
assistance,
then subparagraph (A) shall be increased by the lesser
of $8,000 or the portion of the purchase price of the
principal residence attributable such fixtures or
movable facilities.''.
(c) Eligible Veteran.--
(1) In general.--Paragraph (1) of section 36(c) of such
Code is amended by striking ''First-time homebuyer.--The term
'first time homebuyer' means any individual'' and inserting
''Eligible veteran.--The term 'eligible veteran' means any
individual who is a veteran (as defined in section 101(2) of
title 38, United States Code)''.
(2) Long-time resident.--Paragraph (6) of section 36(c) of
such Code is amended by striking ''treated as a first-time
homebuyer'' and inserting ''treated as meeting the no present
ownership interest requirement of paragraph (1)''.
(d) Recapture of Credit.--Subsection (f) of section 36 is amended
to read as follows:
''(f) Recapture of Credit.--
''(1) In general.--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 36-month period beginning on the
date of the purchase of such residence by the taxpayer the tax
imposed by this chapter for the taxable year of such
disposition or cessation shall be increased by the amount of
the credit so allowed.
''(2) Exceptions.--
''(A) Death of taxpayer.--Paragraphs (1) shall not
apply to any taxable year ending after the date of the
taxpayer's death.
''(B) Involuntary conversion.--Paragraph (1) shall
not apply in the case of a residence which is
compulsorily or involuntarily converted (within the
meaning of section 1033(a)) if the taxpayer acquires a
new principal residence during the 2-year period
beginning on the date of the disposition or cessation
referred to in paragraph (1). Paragraph (1) shall apply
to such new principal residence during the 36-month
period referred to therein in the same manner as if
such new principal residence were the converted
residence.
''(C) Transfers between spouses or incident to
divorce.--In the case of a transfer of a residence to
which section 1041(a) applies--
''(i) paragraph (1) shall not apply to such
transfer, and
''(ii) in the case of taxable years ending
after such transfer, paragraph (1) shall apply
to the transferee in the same manner as if such
transferee were the transferor (and shall not
apply to the transferor).
''(D) Special rule for members of the armed forces,
etc.--
''(i) In general.--In the case of the
disposition of a principal residence by an
individual (or a cessation referred to in
paragraph (1)) in connection with Government
orders received by such individual, or such
individual's spouse, for qualified official
extended duty service, paragraph (1) shall not
apply to such disposition (or cessation).
''(ii) 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--
''(I) a member of the uniformed
services,
''(II) a member of the Foreign
Service of the United States, or
''(III) an employee of the
intelligence community.
''(iii) Definitions.--Any term used in this
subparagraph which is also used in paragraph
(9) of section 121(d) shall have the same
meaning as when used in such paragraph.
''(3) Joint returns.--In the case of a credit allowed under
subsection (a) with respect to a joint return, half of such
credit shall be treated as having been allowed to each
individual filing such return for purposes of this subsection.
''(4) Return requirement.--If the tax imposed by this
chapter for the taxable year is increased under this
subsection, the taxpayer shall, notwithstanding section 6012,
be required to file a return with respect to the taxes imposed
under this subtitle.''.
(e) Application of Credit.--Subsection (h) of section 36 of the
Internal Revenue Code of 1986 is amended to read as follows:
''(h) Termination.--This section shall not apply to any residence
purchased after December 31, 2016.''.
(f) Assignment of Credit in Case of Construction.--Section 36, as
amended by this Act, is amended by adding at the end the following new
subsection:
''(i) Credit May Be Assigned.--
''(1) In general.--In the case of a residence constructed
by the taxpayer, if such taxpayer elects the application of
this subsection for any taxable year, any portion of the credit
determined under this section which is attributable to an
increase under subparagraph (B) of subsection (b)(1) for such
year which would (but for this subsection) be allowable to the
taxpayer may be assigned to any person who is an eligible
designee. The person so designated shall be allowed the amount
of the credit so assigned and shall be treated as the taxpayer
with respect to such credit for purposes of this title (other
than this paragraph), except that such credit shall be treated
as a credit listed in section 38(b) for such taxable year (and
not allowed under subsection (a)).
''(2) Eligible designee.--For purposes of paragraph (1),
the term 'eligible designee' means any person who, with respect
to the residence, provides or installs any improvements,
special fixtures, or movable facilities to which the credit is
attributable under subparagraphs (B) of subsection (b)(1).
''(3) Election requirements.--Any election under paragraph
(1) shall include such information and shall be made at such
time, and in such form and manner, as the Secretary shall by
regulation prescribe.''.
(g) Conforming Amendments.--
(1) Paragraph (2) of section 26(b) of such Code is amended
by striking ''and'' at the end of subparagraph (W), by striking
the period at the end of subparagraph (X) and inserting '',
and'', and by adding at the end the following new subparagraph:
''(Y) section 36(f) (relating to recapture of
veteran first-time homebuyer tax credit).''.
(2) Section 38(b) is amended by striking ''plus'' at the
end of paragraph (35), by striking the period at the end of
paragraph (36) and inserting '', and'', and by adding at the
end the following new paragraph:
''(37) the portion of the veteran first-time homebuyers
credit assigned to the taxpayer to which the second sentence of
section 36(i)(1) applies,''.
(3) The heading for section 1400C(e)(4) is amended by
striking ''national first-time homebuyers credit'' and
inserting ''veteran first-time homebuyers credit''.
(h) Clerical Amendment.--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 to read as follows:

''Sec. 36. Veteran first-time homebuyer credit.''.
(i) Effective Date.--The amendments made by this section shall
apply to residences purchased after the date of the enactment of this
Act.

SEC. 3. VETERAN HOME MOBILITY IMPROVEMENT CREDIT.

(a) In General.--Subpart C of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by inserting before
section 37 the following new section:

''SEC. 36C. VETERAN HOME MOBILITY IMPROVEMENT CREDIT.

''(a) In General.--In the case of a veteran, there shall be allowed
as a credit against the tax imposed by this subtitle for any taxable
year an amount equal to the amount paid or incurred by the taxpayer for
qualified adaptive housing improvements for the taxable year.
''(b) Limitation.--The credit allowed under subsection (a) shall
not exceed $8,000.
''(c) Qualified Adaptive Housing Improvement.--For purposes of this
section, the term 'qualified adaptive housing improvement' means
special fixtures or movable facilities with respect to the principal
residence of the veteran which are made necessary by the nature of the
disability of the veteran, if such fixtures and facilities are--
''(1) provided to the veteran pursuant to specially adapted
housing assistance under chapter 21 of title 38, United States
Code, or
''(2) similar to such fixtures and facilities that would be
provided to the veteran if the veteran received such
assistance.
''(d) Credit May Be Assigned.--
''(1) In general.--If the taxpayer elects the application
of this subsection for any taxable year, any portion of the
credit under this section for such year which would (but for
this subsection) be allowable to the taxpayer may be assigned
to any person who is an eligible designee. The person so
designated shall be allowed the amount of the credit so
assigned and shall be treated as the taxpayer with respect to
such credit for purposes of this title (other than this
paragraph), except that such credit shall be treated as a
credit listed in section 38(b) for such taxable year (and not
allowed under subsection (a)).
''(2) Eligible designee.--For purposes of paragraph (1),
the term 'eligible designee' means any person who, with respect
to the residence, provides or installs any qualified adaptive
housing improvements to which the credit under this section is
attributable.
''(3) Election requirements.--Any election under paragraph
(1) shall include such information and shall be made at such
time, and in such form and manner, as the Secretary shall by
regulation prescribe.''.
(b) Conforming Amendments.--
(1) Section 1324(b)(2) of title 31, United States Code, is
amended by inserting '', 36C'' after ''36B''.
(2) Section 38(b), as amended by this Act, is amended by
striking ''plus'' at the end of paragraph (36), by striking the
period at the end of paragraph (37) and inserting '', and'',
and by adding at the end the following new paragraph:
''(38) the portion of the veteran home mobility improvement
credit assigned to the taxpayer to which the second sentence of
section 36C(d)(1) applies''.
(3) The table of sections for subpart C of part IV of
subchapter A of chapter 1 of the Internal Revenue Code of 1986
is amended by inserting before the item relating to section 37
the following new item:

''Sec. 36C. Veteran home mobility improvement credit.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2012.
A:
Veterans Homebuyer Accessibility Act of 2012 - Amends the Internal Revenue Code, with respect to the tax credit for first-time homebuyers, to allow veterans of the Armed Forces a tax credit for 10% of the purchase price of a principal residence purchased prior to January 1, 2017. Allows an additional credit for the cost of installing special fixtures or movable facilities in a residence to accommodate a disability of the veteran. Requires a recapture of credit amounts if the veterans sells such residence within 36 months after purchasing it.