GovTrack’s Bill Summary
We don’t have a summary available yet.
H.R. stands for House of Representatives bill.
This bill was enacted after being signed by the President on July 2, 2010.
Last updated Aug 25, 2010.
|Signed by the President|
To amend the Internal Revenue Code of 1986 to extend the homebuyer tax credit for the purchase of a principal residence before October 1, 2010, in the case of a written binding contract entered into with respect to such principal residence before May 1, 2010, and for other purposes.
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No summaries available.
Click a format for a citation suggestion:
H.R. 5623--111th Congress: Homebuyer Assistance and Improvement Act of 2010. (2010). In www.GovTrack.us. Retrieved March 8, 2014, from http://www.govtrack.us/congress/bills/111/hr5623
“H.R. 5623--111th Congress: Homebuyer Assistance and Improvement Act of 2010.” www.GovTrack.us. 2010. March 8, 2014 <http://www.govtrack.us/congress/bills/111/hr5623>
|title=H.R. 5623 (111th)
|accessdate=March 8, 2014
|author=111th Congress (2010)
|date=June 29, 2010
|quote=Homebuyer Assistance and Improvement Act of 2010
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/111/2/hr5623.
The Homebuyer Tax Credit was implemented in the stimulus to provide a subsidy to new homebuyers. The credit was good for binding contracts by April 30, 2010 and closing by June 30, 2010. This legislation would extend the closing deadline to September 30, 2010.
H.R. 5623 would extend the homebuyer tax credit of up to $8,000 for the purchase of a principal residence before October 1, 2010. The current benefits apply to cover buyers who enter into contracts before April 30 and close by June 30. This bill would extend the closing date to September 30, 2010.
The bill would provide any homebuyer who entered into a contract on a home by April 30, 2010, but have been unable to go to closing within the required 60 days; the provision would extend the closing date for an additional 90 days. This provision is estimated to cost $140 million
The bill would enhance information sharing to prevent prisoners from claiming the Homebuyer tax credit.
The bill would apply a bad check penalty to electronic checks. Under current law, taxpayers who submit a bad check or money order to the IRS must pay a penalty of 2% of the amount of the check or money order. If the amount is less than $1,250, the penalty is the lesser of $25 or the amount of the check. Effective after the date of enactment, the provision would apply the penalty to all commercially acceptable instruments of payment.
This bill would modify Travel Promotion Act of 2009. This provision would extend the authority of the Department of Homeland Security to implement fees related to the recently-enacted Travel Promotion Act for one year, through fiscal year 2011. This provision would reduce the deficit by $95 million over 11 years
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
The United States Code is the compilation of general and permanent laws enacted by Congress. Laws that are not permanent in nature, law that affect a single individual, family, or small group, regulations, case law, state law, and local law do not appear in the United States Code.