Homebuyer (tax credit) bill

Title I: Accelerated Growth - Economic Growth Acceleration Act of 1992 - Subtitle A: Provisions Relating to Capital Gains - Amends the Internal Revenue Code to allow a capital gains deduction for noncorporate taxpayers for assets held from one to three years. Provides special rules for the gain or loss from the sale or exchange of collectibles and sales of interest in partnerships. Disallows such deduction in computing the alternative minimum tax. Revises the formula for determining gain from the dispositions of certain depreciable realty to take into account depreciation adjustments (adjustments allowed or allowable for exhaustion, wear and tear, obsolescence, or certain amortization).

Subtitle B: Provisions Relating to Passive Losses and Depreciation - Treats the real estate development activity of a taxpayer as a single trade or business activity that is not a rental activity.

Allows an additional depreciation allowance for the purchase of new equipment as investment property on or after February 1, 1992, which is placed in service before July 1, 1993. Reduces the basis of adjustment of such property by the amount of the additional allowance. Requires application of such allowance in determining the alternative minimum tax.

Restricts the determination of adjusted current earnings for purposes of computing alternative minimum taxable income to property placed in service after 1989 and before February 1, 1992.

Subtitle C: Provisions Relating to Real Estate Investments by Pension Funds - Modifies exceptions to the exclusion of real property acquired by a qualified organization from the meaning of acquisition indebtedness. Makes certain exceptions inapplicable to sales out of foreclosure by a financial institution.

Applies the meaning of acquisition indebtedness investments in certain large partnerships where the principal purpose of partnership allocations is not tax avoidance.

Repeals the special rule for publicly traded partnerships with respect to the treatment of unrelated business taxable income.

Subtitle D: Provisions Affecting Homebuyers - Allows a first-time homebuyer who purchases a principal residence a tax credit of ten percent of the purchase price, not to exceed $5,000. Limits such credit to one residence and requires acquisition between February 1, 1992, and January 1, 1993.

Allows penalty-free withdrawals from individual retirement plans for a first-home purchase. Limits such distribution to $10,000, or other applicable amount if previous distributions have been made.