Detailed Summary

Home Buyer Tax Credit Act of 2009 - Amends the Internal Revenue Code to replace the current tax credit for first-time homebuyers with a one-time credit for 10% of the purchase price of a principal residence, up to $15,000. Requires the repayment of such credit if the taxpayer sells or fails to occupy the residence within 24 months after the date of purchase.

Rescinds certain discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 to cover the cost of this Act.

Status of the Legislation

Latest Major Action: 10/8/2009: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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