A bill to amend the Internal Revenue Code of 1986 to allow a credit against income tax for the purchase of a principal residence by a first-time homebuyer.

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 $6,500. Requires married individuals filing jointly to both be first-time homebuyers. Makes this credit applicable to a principal residence only if the taxpayer enters into, on or after September 1, 2001, and before September 1, 2002, a binding contract to purchase the residence, and purchases and occupies the residence before April 1, 2003.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 September 2001

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 September 2001

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 4 September 2001

  Open at official source

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