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

Summary

Amends the Internal Revenue Code to allow a tax credit for a first-time homebuyer who purchases a principal residence. Limits such credit to $1,000. Limits the homebuyer's income to $50,000. Reduces such credit by $10 for each $100 by which the taxpayer's adjusted gross income exceeds $40,000.

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

Timeline

1. 26 November 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 November 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 November 1991

  Open at official source

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Sponsors

• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Shelby, Richard C. [R-AL] · D · Sponsor
• Sen. Reid, Harry [D-NV] · D · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Sponsor
• · ssfi00 · Standing

Related records

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