Rural Housing Tax Credit Act of 2005

Summary

Rural Housing Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a nonrefundable tax credit (the lesser of ten percent of the purchase price or $5,000) for the purchase of a principal residence in a rural area by a first-time homebuyer. Limits the amount of such credit based on taxpayer modified adjusted gross income. Requires the recapture of credit amounts if a taxpayer fails to use a residence for which a tax credit is allowed as a principal residence or sells such residence within five years of purchase.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 February 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 17 February 2005

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• Introduced in House

  summary · EN · 17 February 2005

  Open at official source

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