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 $5,000. Requires married individuals filing jointly to both be first-time homebuyers. Allows the use of 50 percent of the credit in the first taxable year in which the residence is purchased and the remaining 50 percent in the succeeding taxable year. Makes this credit applicable to residences acquired after January 1, 1993, and before January 1, 1994, or for which a binding contract is entered into during such period.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 January 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 5 January 1993

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 January 1993

  Open at official source

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