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New Homeownership Tax Credit Legislation Would Provide Nearly $2.4B in Incentives

Friday, October 18, 2002 - 1:45AM

New homeownership tax credit legislation introduced this week in the Senate would provide nearly $2.4 billion in tax incentives for construction and rehabilitation of about 200,000 homes over its first five years. S. 3126, “The Community Development Homeownership Tax Credit Act” is sponsored by Sens. John Kerry (D-Mass.), Rick Santorum (R-Pa.), Paul Sarbanes (D-Md.) and Wayne Allard (R-Colo.). Similar House legislation, H.R. 5052, has gained bi-partisan support, but no action has been taken on the measure since its introduction in June. The text of S. 3126 is available here.

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