A bill to amend the Internal Revenue Code of 1986 to provide a credit against income tax to individuals who rehabilitate historic homes or who are the first purchasers of rehabilitated historic homes for use as a principal residence.
Historic Homeownership Assistance Act - Amends the Internal Revenue Code to allow a tax credit for 20 percent of the qualified rehabilitation expenditures made by a taxpayer with respect to a qualified historic home which has been substantially rehabilitated and which is owned by the taxpayer and used as his or her principal residence. Allows the credit for such expenditures to be taken by a purchaser of the rehabilitated home. Permits, in lieu of the credit, a historic rehabilitation mortgage credit certificate, which may be transferred to a lender in exchange for a reduction in the rate of interest on the loan secured by the building.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2947-2948)
Read twice and referred to the Committee on Finance.
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