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HR 5948 97th Congress House Taxation Home ownership Housing and Housing Finance Income tax Tax credits Tax incentives

A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for first-time home buyers.

Introduced: March 24, 1982 See on congress.gov
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This bill died when the 97th Congress ended
It never became law before the 97th Congress (1981–1982) 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
Mar 24, 1982
Referred to House Committee on Ways and Means.
Mar 24, 1982
Introduced in House
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to allow first-time home buyers an income tax credit equal to nine percent of the purchase price of a principal residence acquired after February 28, 1982, and before January 1, 1984. Limits the dollar amount of such credit to $5,400. Provides a three year carryback of excess credit amounts. 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 principal residence if such residence is sold within 36 months after the date of acquisition, except in the case of the owner's death, a casualty loss, or a divorce settlement.

What's happening now March 24, 1982

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Smith, Christopher H.
New Jersey · Jun 17, 1982
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5948: A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for first-time home buyers.. 97th Congress. Open America. https://openamerica.io/bill/97-HR-5948/
MLA
"H.R. 5948: A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for first-time home buyers.." 97th Congress, 2026, Open America, https://openamerica.io/bill/97-HR-5948/.
Bluebook (legal)
H.R. 5948, 97th Cong. (2026), https://openamerica.io/bill/97-HR-5948/.
Markdown link
[H.R. 5948: A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for first-time home buyers.](https://openamerica.io/bill/97-HR-5948/)
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