H.R.883 - Rural Housing Tax Credit Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Davis, Artur [D-AL-7] (Introduced 02/17/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||02/17/2005 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.883 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (02/17/2005)
Rural Housing Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a nonrefundable tax credit (the lesser of ten percent of the purchase price or $5,000) for the purchase of a principal residence in a rural area by a first-time homebuyer. Limits the amount of such credit based on taxpayer modified adjusted gross income.
Requires the recapture of credit amounts if a taxpayer fails to use a residence for which a tax credit is allowed as a principal residence or sells such residence within five years of purchase.