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

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 February 1, 1992, and before January 1, 1993, or for which a binding contract is entered into during such period.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 April 1992

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 8 April 1992

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 April 1992

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 8 April 1992

  Open at official source

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Sponsors

• Rep. Kennelly, Barbara B. [D-CT-1] · D · Sponsor
• Rep. Johnson, Nancy L. [R-CT-5] · R · Sponsor
• Rep. Clement, Bob [D-TN-5] · D · Cosponsor
• Rep. Lent, Norman F. [R-NY-4] · R · Cosponsor
• Rep. McEwen, Bob [R-OH-6] · R · Cosponsor
• Rep. Gordon, Bart [D-TN-6] · D · Cosponsor
• Rep. Gilchrest, Wayne T. [R-MD-1] · R · Cosponsor
• Rep. Shays, Christopher [R-CT-4] · R · Cosponsor
• Rep. Kopetski, Mike [D-OR-5] · D · Cosponsor
• Rep. Combest, Larry [R-TX-19] · R · Cosponsor
• Rep. Hoyer, Steny H. [D-MD-5] · D · Cosponsor
• Rep. Darden, George (Buddy) [D-GA-7] · D · Cosponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Gejdenson, Sam [D-CT-2] · D · Cosponsor
• Rep. Parker, Mike [R-MS-4] · D · Cosponsor
• Rep. Saxton, Jim [R-NJ-3] · R · Cosponsor
• Rep. Boehlert, Sherwood [R-NY-24] · R · Cosponsor
• Rep. Lehman, William [D-FL-17] · D · Cosponsor
• Rep. Costello, Jerry F. [D-IL-12] · D · Cosponsor
• Rep. DeLauro, Rosa L. [D-CT-3] · D · Cosponsor
• Rep. McMillen, Thomas [D-MD-4] · D · Cosponsor
• Rep. Gallo, Dean A. [R-NJ-11] · R · Cosponsor
• Rep. Hyde, Henry J. [R-IL-6] · R · Cosponsor
• Rep. Byron, Beverly B. [D-MD-6] · D · Cosponsor
• Rep. Martin, David O'B. [R-NY-26] · R · Cosponsor
• Rep. McHugh, Matthew F. [D-NY-28] · D · Cosponsor
• Rep. Goss, Porter J. [R-FL-14] · R · Cosponsor
• Rep. McDade, Joseph M. [R-PA-10] · R · Cosponsor
• Rep. Roth, Toby [R-WI-8] · R · Cosponsor
• Rep. Hatcher, Charles [D-GA-2] · D · Cosponsor
• Rep. Broomfield, William S. [R-MI-18] · R · Cosponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Cosponsor
• Rep. Rohrabacher, Dana [R-CA-48] · R · Cosponsor
• Rep. Ford, Harold E. [D-TN-9] · D · Cosponsor
• Rep. Hayes, James A. [D-LA-7] · D · Cosponsor
• Rep. Lightfoot, Jim [R-IA-3] · R · Cosponsor
• Rep. Rhodes, John J., III [R-AZ-1] · R · Cosponsor
• Rep. Meyers, Jan [R-KS-3] · R · Cosponsor
• Rep. Lipinski, William O. [D-IL-3] · D · Cosponsor
• Rep. Camp, Dave [R-MI-4] · R · Cosponsor
• Rep. Fish, Hamilton, Jr. [R-NY-19] · R · Cosponsor
• Rep. Gunderson, Steve [R-WI-3] · R · Cosponsor
• Rep. Moran, James P. [D-VA-8] · D · Cosponsor
• Rep. Stearns, Cliff [R-FL-6] · R · Cosponsor
• Rep. Fascell, Dante B. [D-FL-19] · D · Cosponsor
• Rep. Molinari, Susan [R-NY-13] · R · Cosponsor
• Rep. Smith, Christopher H. [R-NJ-4] · R · Cosponsor
• Rep. Rogers, Harold [R-KY-5] · R · Cosponsor

Showing 48 of 129 sponsors and actors.

Related records

• related to → To amend the Internal Revenue Code of 1986 to allow a credit for the purchase of a principal residence by first-time homebuyers.