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.
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May 1, 2003
Referred to the House Committee on Ways and Means.