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S 1396 107th Congress Senate Taxation Home ownership Housing and Community Development Housing finance Income tax Personal income tax Tax credits

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.

Introduced: September 4, 2001 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 4, 2001
Read twice and referred to the Committee on Finance.
Sep 4, 2001
Introduced in Senate
 Plain-English summary Congressional Research Service
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.
What's happening now September 4, 2001

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1