12 2 STA T . 2 89 1 PUBLIC LA W 11 0– 289 —J UL Y3 0 , 2008 ‘ ‘ (i)par a g rap h ( 2 ) s ha l l not appl y tos uc h trans fe r , an d ‘‘(ii) in the case of ta x a b le years ending after such transfer, paragraphs ( 1 ) and (2) shall apply to the transferee in the sa m e manner as if such transferee w ere the transferor (and shall not apply to the trans - feror) . ‘‘( 5 ) JOINTRE T U RN S . —I n the case of a credit allowed under subsection (a) with respect to a j oint return, half of such credit shall be treated as ha v ing been allowed to each individual filing such return for purposes of this subsection. ‘‘( 6 ) R ETURN RE Q UIRE M ENT.—If the tax imposed by this chapter for the taxable year is increased under this subsection, the taxpayer shall, notwithstanding section 6 0 12, be re q uired to file a return with respect to the taxes imposed under this subtitle. ‘‘( 7 )RE CAP TURE PERIO D .— F or purposes of this subsection, the term ‘recapture period ’ means the 15 taxable years begin- ning with the second taxable year following the taxable year in which the purchase of the principal residence for which a credit is allowed under subsection (a) was made. ‘‘(g) EL ECTION TO T REAT P URC H ASE IN PRIOR Y EAR.—In the case of a purchase of a principal residence after D ecember 3 1, 200 8 , and before July 1, 200 9 , a taxpayer may elect to treat such purchase as made on December 31, 2008, for purposes of this section (other than subsection (c)). ‘‘(h) A PPLICATION O FS ECTION.—This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before July 1, 2009.’’. (b) C ONFORMIN G AMENDMENTS.— (1) Section 26(b)(2) is amended by stri k ing ‘‘and’’ at the end of subparagraph ( U ), by striking the period and inserting ‘‘, and’’ and the end of subparagraph ( V ), and by inserting after subparagraph (V) the following new subparagraph
‘‘( W ) section 36(f) (relating to recapture of homebuyer credit).’’. (2) Section 6211(b)( 4 )(A) is amended by striking ‘‘34,’’ and all that follows through ‘‘6428’’ and inserting ‘‘34, 35, 36, 53(e), and 6428’’. (3) Section 1324(b)(2) of title 31, United States Code, is amended by inserting ‘‘36,’’ after ‘‘35,’’. (4) The table of sections for subpart C of part IV of sub- chapter A of chapter 1 is amended by redesignating the item relating to section 36 as an item relating to section 37 and by inserting before such item the following new item: ‘ ‘ Sec.36 . First- ti m e ho me buy er cre d it. ’ ’. (c) EFFECTI V E DATE.—The amendments made by this section shall apply to residences purchased on or after April 9, 2008, in taxable years ending on or after such date. SEC.3012 . AD D IT I ON A L STANDA R D DED U CTION F OR REAL P ROPERT Y TA X ES FOR NONITE M I Z ERS. (a) IN G ENERAL.—Section 63(c)(1) (defining standard deduction) is amended by striking ‘‘and’’ at the end of subparagraph (A), by striking the period at the end of subparagraph ( B ) and inserting ‘‘, and’’, and by adding at the end the following new subparagraph: 26USC 26 note.
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