Emergency Home Purchase and Housing Inventory Reduction Act of 1982

Summary

Emergency Home Purchase and Housing Inventory Reduction Act of 1982 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to five percent of the purchase price of a new principal residence. Limits the dollar amount of such credit to $5,000. 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 new principal residence if such residence is sold within 36 months after the date of acquisition.

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1 official file

• Introduced in House

  summary · EN · 21 April 1982

  Open at official source

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