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
First Time Property Owners Tax Credit Act of 2008 - Amends the Internal Revenue Code to allow an income-based, one-time refundable tax credit for first-time homebuyers of 5% of the purchase price of real property located in the United States, up to a maximum credit amount of $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.
Status of the Legislation
Latest Major Action: 5/7/2008: 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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