Home Ownership Moves the Economy (HOME) Act of 2009 - Amends the Internal Revenue Code to: (1) extend the first-time homebuyer tax credit to all individuals who purchase a principal residence (currently, only first-time homebuyers as so defined); (2) extend such credit and the waiver of recapture requirements for such credit through 2010; and (3) repeal the limitation on such credit based on modified adjusted gross income.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2801 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 2801
To amend the Internal Revenue Code of 1986 to expand and extend the
first-time homebuyer credit.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 10, 2009
Mr. Coble 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 Ownership Moves the Economy
(HOME) Act of 2009''.
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) Repeal of Limitation Based on Modified Adjusted Gross Income.--
(1) In general.--Subsection (b) of section 36 of such Code
is amended by striking paragraph (2).
(2) Conforming amendments.--Subsection (b) of such Code, as
amended by paragraph (1), is amended--
(A) by redesignating paragraph (1) as subsection
(b),
(B) in subsection (b), as so redesignated, by
redesignating subparagraphs (A), (B), and (C) as
paragraphs (1), (2), and (3), respectively, and
(C) in paragraph (2), as redesignated by
subparagraph (B) of this paragraph, by striking
``subparagraph (A)'' and inserting ``paragraph (1)''.
(d) Extension of Waiver of Recapture.--Subparagraph (D) of section
36(f)(4) of such Code is amended--
(1) by striking ``before December 1, 2009'' and inserting
``before January 1, 2011'', and
(2) in the heading by striking ``for purchases in 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>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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