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S 1396 107th Congress Senate

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: November 16, 2001 See on congress.gov
Taxation Home ownershipHousing and Community DevelopmentHousing financeIncome tax
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Personal income taxTax credits
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action September 4, 2001

Read twice and referred to the Committee on Finance.

 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.
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Crapo, Mike
Idaho · Nov 16, 2001
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APA
U.S. Congress. (2026). S. 1396: 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.. 107th Congress. Open America. https://openamerica.io/bill/107-S-1396/
MLA
"S. 1396: 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.." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-1396/.
Bluebook (legal)
S. 1396, 107th Cong. (2026), https://openamerica.io/bill/107-S-1396/.
Markdown link
[S. 1396: 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.](https://openamerica.io/bill/107-S-1396/)
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