A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for first-time home buyers.

Summary

Amends the Internal Revenue Code to allow first-time home buyers an income tax credit equal to nine percent of the purchase price of a principal residence acquired after February 28, 1982, and before January 1, 1984. Limits the dollar amount of such credit to $5,400. Provides a three year carryback of excess credit amounts. Specifies that such credit shall be available with respect to only one residence of the taxpayer. Requires the recapture of credit amounts for the purchase of a principal residence if such residence is sold within 36 months after the date of acquisition, except in the case of the owner's death, a casualty loss, or a divorce settlement.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 24 March 1982

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.