HR 5643 · 110th Congress 2007–2009, ended

First-Time Homebuyers' Tax Credit Act of 2008

Introduced Mar 14, 2008 Originated House Sponsor Thomas H. Allen D-ME

Fact sheet

Latest action · Mar 14, 2008 Referred to the House Committee on Ways and Means.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMar 14, 2008
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

First-Time Homebuyers' Tax Credit Act of 2008 - Amends the Internal Revenue Code to: (1) allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers); (2) allow transfer of such credit (within 30 days of transfer application) as payment towards related downpayment and closing costs; and (3) apply the credit to purchases made on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates, and in which the residence is occupied before July 1, 2014.

Cosponsors 9

Members who signed on, in the order they did. Signatures ran from Mar 14, 2008 to May 22, 2008, with 6 there on the day it was introduced.

Seat	Cosponsor		Signed on
R-IN	Dan Burton	Original	Mar 14, 2008
D-IL	Danny K. Davis	Original	Mar 14, 2008
D-AZ	Gabrielle Giffords	Original	Mar 14, 2008
D-GU	Madeleine Z. Bordallo	Original	Mar 14, 2008
D-PA	Michael F. Doyle	Original	Mar 14, 2008
D-MO	Russ Carnahan	Original	Mar 14, 2008
D-TX	Eddie Bernice Johnson		Apr 10, 2008
R-TX	Ron Paul		Apr 10, 2008
D-GA	Jim Marshall		May 22, 2008

Actions 2

Everything that happened, newest first.

Mar 14, 2008Introduced in House
Mar 14, 2008Referred to the House Committee on Ways and Means.

Related bills 2

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
S 1988	First-Time Homebuyers' Tax Credit Act of 2007	Related bill	Aug 3, 2007
HR 5992	First Time Property Owners Tax Credit Act of 2008	Related bill	May 7, 2008

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

Mar 14, 2008Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.