H.R. 5992 would amend the Internal Revenue Code of 1986 to allow a refundable credit against income tax for the purchase of real property by a first-time purchaser.

== Detailed Summary ==

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(Log inFirst Time Property Owners Tax Credit Act of 2008 - Amends the Internal Revenue Code to editallow an income-based, one-time refundable tax credit for first-time homebuyers of 5% of the wiki and bepurchase price of real property located in the firstUnited States, up to provide a detailed summarymaximum credit amount of the bill!)$1,500 ($3,000 for joint returns). Makes such credit applicable to purchases of property on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates to purchase such property before July 1, 2014.
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== Status of the Legislation ==

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(Log inLatest Major Action: 5/7/2008: Referred to House committee. Status: Referred to edit the wikiHouse Committee on Ways and be the first to update the status of the bill!)Means.
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== Points in Favor ==

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== Points Against ==

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