To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit and to eliminate the first-time homebuyer requirement and increase the adjusted gross income limitations with respect to such credit, and for other purposes.

Summary

Amends Internal Revenue Code provisions relating to the first-time homebuyer tax credit to: (1) extend such credit to all purchasers of a principal residence (currently, limited to first-time homebuyers); (2) extend such credit and its waiver of recapture provisions (for sales of principal residences before the required holding period) through June 30, 2010; (3) 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; (4) allow taxpayers to treat, for tax purposes, a residence purchased after December 31, 2009, and before July 1, 2010, as having been purchased on December 31, 2009; (5) increase adjusted gross income thresholds for determining eligibility for such credit; and (6) allow a waiver of recapture for members of the Armed Forces who are relocated.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 October 2009

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• Introduced in House (PDF)

  Introduced in House · EN · 22 October 2009

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• Introduced in House

  summary · EN · 22 October 2009

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