HR 883
109th Congress
House
Taxation
Home ownership
Housing and Community Development
Income tax
Rural housing
Tax credits
Rural Housing Tax Credit Act of 2005
Introduced: February 17, 2005
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 17, 2005
Referred to the House Committee on Ways and Means.
Feb 17, 2005
Introduced in House
Plain-English summary
Rural Housing Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a nonrefundable tax credit (the lesser of ten percent of the purchase price or $5,000) for the purchase of a principal residence in a rural area by a first-time homebuyer. Limits the amount of such credit based on taxpayer modified adjusted gross income.
Requires the recapture of credit amounts if a taxpayer fails to use a residence for which a tax credit is allowed as a principal residence or sells such residence within five years of purchase.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1