H.R.4702 - First-Time Homebuyers Assistance Act103rd Congress (1993-1994)
|Sponsor:||Rep. Goodling, William F. [R-PA-19] (Introduced 06/30/1994)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/30/1994 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.4702 — 103rd Congress (1993-1994)All Information (Except Text)
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Introduced in House (06/30/1994)
[Congressional Bills 103th Congress] [From the U.S. Government Printing Office] [H.R. 4702 Introduced in House (IH)] 103d CONGRESS 2d Session H. R. 4702 To amend the Internal Revenue Code of 1986 to allow builders to compute on the installment sales method income from the sale of certain residential real property, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES June 30, 1994 Mr. Goodling (for himself, Mr. Doolittle, Mr. Fish, Mr. Murphy, Mr. Rohrabacher, Mr. Underwood, and Mr. Payne of Virginia) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to allow builders to compute on the installment sales method income from the sale of certain residential real property, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``First-Time Homebuyers Assistance Act''. SEC. 2. APPLICABILITY OF INSTALLMENT METHOD OF ACCOUNTING TO SALES OF RESIDENTIAL REAL PROPERTY BY BUILDERS. (a) In General.--Paragraph (2) of section 453(l) of the Internal Revenue Code of 1986 (relating to exceptions to dealer dispositions) is amended by redesignating subparagraph (C) as subparagraph (D) and by inserting after subparagraph (B) the following new subparagraph: ``(C) Certain residences.--The disposition on the installment plan of any newly constructed 1-family residential real property in the ordinary course of the taxpayer's business if-- ``(i) the acquisition cost (as defined in section 143(k)(3)) does not exceed 75 percent of the median purchase price for newly constructed 1-family residential real property for the statistical area (as defined in section 143(k)(2)) in which the property is located (95 percent in the case of a property in a targeted area within the meaning of section 143(j)), ``(ii) the face amount of any obligation held by the taxpayer and arising from the disposition does not exceed 20 percent of such acquisition cost, ``(iii) the purchaser of the property is financially qualified to assume 100 percent of the obligations arising from the disposition (without regard to whether such obligations are held by the taxpayer), ``(iv) the property is to be used by such purchaser as a principal residence (within the meaning of section 1034), and ``(v) such purchaser had no present ownership interest in such a principal residence during the 3-year period ending on the date of acquisition of the property.'' (b) Effect of Pledge of Installment Obligation.--Paragraph (1) of section 453A(d) of such Code (relating to pledges, etc., of installment obligations) is amended by inserting after ``this section applies'' the following: ``(or any installment obligation arising from a disposition described in section 453(l)(2)(C))''. (c) Effective Date.--The amendments made by this section shall apply to sales after the date of the enactment of this Act. <all>