HR 4821
102th Congress
House
Taxation
Home ownership
Housing and Community Development
Housing finance
Income tax
Tax credits
To amend the Internal Revenue Code of 1986 to allow a credit for the purchase of a principal residence by first-time homebuyers.
Introduced: April 8, 1992
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 8, 1992
Referred to the House Committee on Ways and Means.
Apr 8, 1992
Introduced in House
Plain-English 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 $5,000. Requires married individuals filing jointly to both be first-time homebuyers. Allows the use of 50 percent of the credit in the first taxable year in which the residence is purchased and the remaining 50 percent in the succeeding taxable year. Makes this credit applicable to residences acquired after February 1, 1992, and before January 1, 1993, or for which a binding contract is entered into during such period.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1