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United States · Bill · S

S. 790 (97th)

Emergency Home Purchase and Inventory Reduction Act of 1981

openUnited States· United States Congress· EN

Introduced

24 March 1981

Last action

—

Status

Committee on Finance requested executive comment from OMB; Treasury Department.

Sponsors

—

Subjects

Discovery layer

Source updated

29 August 2025

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Summary

Emergency Home Purchase and Inventory Reduction Act of 1981 - 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

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