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.
About This Bill
Committee
Latest Action · November 5, 2009
Referred to the House Committee on Ways and Means.
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 November 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 December 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 uniformed services, the Foreign Service, or employees of the intelligence community who sell their principal residences after receiving an order for official extended duty service.
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