2011 Regular Session
|At the request of:|
|Bill Title:||Relating to tax credit for home sales to young adults; appropriating money; prescribing an effective date.|
Creates income tax credit for mortgage holder upon sale of single-family residence if secured indebtedness exceeds sale price or in case of foreclosure.
Requires purchaser to be under 30 years of age. Requires taxpayer claiming credit to make loan to purchaser. Establishes application fee. Directs Department of Consumer and Business Services to certify transactions eligible for credit. Applies to sales of residences taking place after effective date of Act and to tax years beginning on or after January 1, 2011, and before January 1, 2013. Establishes Community Reinvestment Account. Continuously appropriates moneys in account to Department of Consumer and Business Services for expenses of income tax credit program. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||May Have Fiscal Impact, But No Statement Yet Issued|
|Revenue Impact:||May Have Revenue Impact, But No Statement Yet Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|