A bill to amend the Internal Revenue Code of 1954 to provide an income tax credit for the purchase of a principal residence.

Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to five percent of the purchase price of a new principal residence. Limits the dollar amount of such credit to $2,000. Specifies that such credit shall be available with respect to only one residence of the taxpayer.

Requires the recapture of credit amounts for the purchase of a new principal residence if such residence is sold within 36 months after the date of acquisition.