H.R. 1913 · 108th Congress
Rural Housing Tax Credit Act of 2003
- Stage
- In committee
- Sponsor
- Artur Davis
- Introduced
- 2003-05-01
- Latest action
- 2003-05-01 · Introduced in House
Summary
Rural Housing Tax Credit Act of 2003 - Amends the Internal Revenue Code to allow a credit (the lesser of ten percent of the purchase price or $5,000) for the purchase of a principal residence by a first-time rural homebuyer. Establishes credit limitations based upon: (1) adjusted gross income; and (2) tax.Provides for credit recapture in the event of: (1) certain sales; or (2) failure to use as a principal residence.