Summary: H.R.5948 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for H.R.5948. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/24/1982)

Amends the Internal Revenue Code to allow first-time home buyers an income tax credit equal to nine percent of the purchase price of a principal residence acquired after February 28, 1982, and before January 1, 1984. Limits the dollar amount of such credit to $5,400. Provides a three year carryback of excess credit amounts. Specifies that such credit shall be available with respect to only one residence of the taxpayer.

Requires the recapture of credit amounts for the purchase of a principal residence if such residence is sold within 36 months after the date of acquisition, except in the case of the owner's death, a casualty loss, or a divorce settlement.