Page:United States Statutes at Large Volume 123.djvu/3009

 123STA T . 2 98 9 PUBLIC LA W 111 – 92 —NOV . 6, 2 0 09 (b)EF F ECTIV E DA TE .—Theam e nd men ts made b y th i sse c ti o n sha l la p ply to w a g es paid a f te r December 31,20 0 9 . SEC.1 1.E XT E N S IO N A N DM ODI F ICATION OF FI R ST - TIME H OME BUY ER TAX CREDIT. (a) E X TE NS I O NOF AP P L ICATION P E R IO D .— (1) I N G ENERAL.— Su bsection (h) of section 3 6 of the Internal R e v enue C ode of 19 8 6 is amended— (A) by stri k ing ‘ ‘December 1, 2009 ’ ’ and inserting ‘‘ M ay 1, 2010’’, ( B ) by striking ‘‘SECTION.—This section’’ and inserting ‘‘SECTION.— ‘‘(1) IN GENERAL.—This section’’, and (C) by adding at the end the following new paragraph ‘‘(2) EXCEPTION IN CASE OF B INDING CONTRACT.—In the case of any ta x payer who enters into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before J uly 1, 2010, paragraph (1) shall be applied by substituting ‘July 1, 2010’ for ‘May 1, 2010’.’’. (2) W AIVER OF RECAPT U RE.— (A) IN GENERAL.—Subparagraph (D) of section 36(f)( 4 ) of such Code is amended by striking ‘‘, and before December 1, 2009’’. (B) CONFOR M ING AMENDMENT.—The heading of such subparagraph (D) is amended by inserting ‘‘AND 201 0’’ after ‘‘200 9 ’’. (3) ELECTION TO TREAT PURC H ASE IN PRIOR Y EAR.—Sub - section (g) of section 36 of such Code is amended to read as follows: ‘‘(g) ELECTION TO TREAT PURCHASE IN PRIOR Y EAR.—In the case of a purchase of a principal residence after December 31, 2008, a taxpayer may elect to treat such purchase as made on December 31 of the calendar year preceding such purchase for purposes of this section (other than subsections (c), (f)(4)(D), and (h)).’’. (b) SPECIAL RULE FOR L ONG-TIME RESIDENTS OF SAME PRIN- CIPAL RESIDENCE.—Subsection (c) of section 36 of the Internal Rev- enue Code of 1986 is amended by adding at the end the following new paragraph: ‘‘(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRIN- CIPAL RESIDENCE.—In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5 - consecutive-year period during the 8-year period ending on the date of the purchase of a subse q uent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’’. (c) MODIFICATION OF DOLLAR AND INCOME LIMITATIONS.— (1) DOLLAR LIMITATION.—Subsection (b)(1) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: ‘‘(D) SPECIAL RULE FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE.—In the case of a taxpayer to whom a credit under subsection (a) is allowed by reason of sub- section (c)(6), subparagraphs (A), (B), and (C) shall be Ap p licab ili ty.T i me pe r i od. 26USC3 6. 26 USC 33 01n ote.