To amend the Internal Revenue Code of 1986 to allow a credit against income tax for the purchase of a principal residence by a first-time homebuyer.

Summary

Amends the Internal Revenue Code to allow a first-time homebuyer who purchases a principal residence a tax credit of ten percent of the purchase price of such residence. Limits the credit to $6,500. Requires married individuals filing jointly to both be first-time homebuyers. Makes this credit applicable to a principal residence only if the taxpayer enters into, on or after June 1, 2001, and before June 1, 2002, a binding contract to purchase the residence, and purchases and occupies the residence before January 1, 2003.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 May 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 9 May 2001

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• Introduced in House

  summary · EN · 9 May 2001

  Open at official source

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