H.R. 5974, To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
• This bill, or a similar bill, was reintroduced in the current Congress as H.R. 214, To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.

Version saved on June 3, 2008, 19:30:56, by webmaster:

H.R. 5974 would amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.

Detailed Summary

Amends the Internal Revenue Code to allow individual taxpayers a one-time refundable tax credit for up to 10% of the purchase price of a principal residence purchased in the United States within the 12-month period beginning on the date of enactment of this Act. Limits the dollar amount of such credit to $10,000. Terminates such credit after 2009.

Status of the Legislation

Latest Major Action: 5/6/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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