A bill to amend the Internal Revenue Code of 1954 to provide individuals an income tax credit of up to $750 of the cost of purchasing a new passenger automobile, an income tax credit of up to $5,000 for purchasing a new house, and an additional 10 percent investment tax credit for farm equipment.

Summary

Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for up to $750 of the purchase price of a new 1981 or later model passenger automobile purchased during 1982. Limits the credit to automobiles manufactured in the United States if the President determines and certifies to the Congress that such limitation does not violate certain international trade agreements. Allows individual taxpayers an income tax credit for five percent of the purchase price of a new principal residence. Limits the dollar amount of such credit to $5,000. Specifies that only one residence of the taxpayer shall be eligible for the credit. Permits an additional ten percent investment tax credit for the purchase of new farm equipment. Limits such credit to $5,000.

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1 official file

• Introduced in House

  summary · EN · 25 January 1982

  Open at official source

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