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

Amends Internal Revenue Code provisions relating to the first-time homebuyer tax credit to: (1) extend such credit and its waiver of recapture provisions through September 30, 2010; (2) extend through December 31, 2009, the election to treat, for tax purposes, a residence purchased in 2009 as having been purchased on December 31, 2008; (3) allow taxpayers to treat, for tax purposes, a residence purchased after December 31, 2009, and before October 1, 2010, as having been purchased on December 31, 2009; and (4) extend through December 31, 2009, the coordination of the first-time homebuyer tax credit for District of Columbia residents.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3842 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3842

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 15, 2009

 Mr. Schrader (for himself and Mr. Driehaus) 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 extend the first-time 
                         homebuyer tax credit.

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

SECTION 1. EXTENSION OF FIRST-TIME HOMEBUYER TAX CREDIT.

    (a) In General.--Subsection (h) of section 36 of the Internal 
Revenue Code of 1986 is amended by striking ``December 1, 2009'' and 
inserting ``October 1, 2010''.
    (b) Extension of Waiver of Recapture.--Subparagraph (D) of section 
36(f)(4) of such Code is amended--
            (1) by striking ``December 1, 2009'' and inserting 
        ``October 1, 2010'', and
            (2) by striking ``in 2009'' in the heading and inserting 
        ``after 2008''.
    (c) Election To Treat Purchase in Prior Year.--Subsection (g) of 
section 36 of such Code is amended--
            (1) by striking ``December 1, 2009'' and inserting 
        ``January 1, 2010'', and
            (2) by adding at the end the following: ``In the case of a 
        purchase of a principal residence after December 31, 2009, and 
        before October 1, 2010, a taxpayer may elect to treat such 
        purchase as made on December 31, 2009, for purposes of this 
        section (other than the preceding sentence and subsections (c) 
        and (f)(4)(D)).''.
    (d) Coordination With First-Time Homebuyer Credit for District of 
Columbia.--Paragraph (4) of section 1400C(e) of such Code is amended by 
striking ``December 1, 2009'' and inserting ``January 1, 2010''.
    (e) Effective Date.--The amendments made by this section shall 
apply to residences purchased after November 30, 2009.
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