A bill to amend section 44 of the Internal Revenue Code of 1954 (relating to credit for purchase of new principal residence) to provide that the lowest offering price requirement be limited to offers after December 31, 1974, and to expedite the prescribing of final regulations on such section 44.

Requires, under the Internal Revenue Code, that in the housing certification attached to the buyer's return, the seller must state that the purchase price is the lowest price at which the residence was offered for sale after December 31, 1974.

Makes applicable the provisions of this Act to principal residences sold after December 31, 1974, in taxable years ending after such date.

Sets forth the time limitations within which the Secretary of the Treasury must promulgate and prescribe regulations with respect to the tax credit for the purchase of a new principal residence.