To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit through December 31, 2010, and for other purposes.

Amends the Internal Revenue Code to: (1) extend the first-time homebuyer tax credit through December 31, 2010; (2) extend eligibility for such credit through April 30, 2011, for taxpayers who enter into a binding contract for the purchase of a principal residence by December 31, 2010; and (3) extend eligibility for such credit through April 30, 2012, for military personnel and members of the Foreign Service and the intelligence community on qualified official extended duty outside the United States.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5183 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5183

  To amend the Internal Revenue Code of 1986 to extend the first-time 
homebuyer tax credit through December 31, 2010, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 29, 2010

  Mr. Bright 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 through December 31, 2010, and for other purposes.

    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 CREDIT.

    (a) In General.--Paragraph (1) of section 36(h) of the Internal 
Revenue Code of 1986 is amended by striking ``May 1, 2010'' and 
inserting ``January 1, 2011''.
    (b) Binding Contract Exception.--Paragraph (2) of section 36(h) of 
such Code is amended--
            (1) by striking ``May 1, 2010'' each place it appears and 
        inserting ``January 1, 2011'', and
            (2) by striking ``July 1, 2010'' each place it appears and 
        inserting ``May 1, 2011''.
    (c) Special Rule for Individuals on Qualified Official Extended 
Duty Outside the United States.--Paragraph (3) of section 36(h) of such 
Code is amended--
            (1) by striking ``May 1, 2010'' in the matter preceding 
        subparagraph (A) and inserting ``January 1, 2011'',
            (2) by striking ```May 1, 2011' for `May 1, 2010''' and 
        inserting ```January 1, 2012' for `January 1, 2011''', and
            (3) by striking ```July 1, 2011' for `July 1, 2010''' and 
        inserting ```May 1, 2012' for `May 1, 2011'''.
    (d) Effective Date.--The amendments made by this section shall 
apply to residences purchased after April 30, 2010.
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