S. 312 would amend the Internal Revenue Code of 1986 to allow a refundable credit against income tax for the purchase of a principal residence by a first-time homebuyer.
Detailed Summary
First-Time Homebuyers' Tax Credit Act of 2009 - Amends the Internal Revenue Code to allow an individual taxpayer who qualifies as a first-time homebuyer (i.e., an individual who had no ownership interest in a principal residence within the past two years) a one-time refundable credit for up to $20,000 of the purchase price of a principal residence. Reduces such credit for taxpayers with adjusted gross incomes exceeding $75,000 ($150,000 for married couples filing jointly).
Status of the Legislation
Latest Major Action: 1/22/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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