H.R.1119

To amend the Internal Revenue Code of 1986 to expand the application of the homebuyer credit, and for other purposes.

2/23/2009--Introduced.

Amends the Internal Revenue Code to revise the tax credit for first-time homebuyers by: (1) eliminating the first-time homebuyer requirement (thus making such credit available to all homebuyers); (2) eliminating the repayment requirement for such credit except for resales of a principal residence, or failure to occupy such residence, at any time within 36 months of purchase; (3) exempting from the repayment requirement members of the Armed Forces who are ordered to relocate; (4) modifying the maximum amount of such credit and the adjusted gross income thresholds for reductions in the credit amount; and (5) allowing taxpayers to transfer their anticipated credit amount to another individual for specified purposes, including making a downpayment on a portion of a purchase price of a principal residence.

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