Get Your Own House

Copied from the Thomas Register – Bill H.R. 3842

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.

There may be hope after all.

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