Vote Smart's Synopsis:

Vote to override a veto of a bill that establishes a homebuyer tax credit for qualifying contracts of sale executed on homes within 365 days following enactment.

Highlights:

-Specifies that the tax credit shall be an amount equal to 5 percent of the price paid for the purchase or $15,000, whichever is less (Sec. 1). -Specifies that the tax credit only applies if the home is intended to be used as the taxpayer's principle residence for 36 consecutive months after the home purchase (Sec. 1). -Limits the amount of all credits allowed under this bill to no more than $100 million, of which up to $75 million shall be allowed for purchases of new homes and up to $25 million shall be allowed for purchases of previously occupied homes (Sec. 1).

Full Bill Text

Vetoed by Governor Chris Christie

Vote Smart's Synopsis:

Vote to pass a bill that establishes a homebuyer tax credit for qualifying contracts of sale executed on homes within 365 days following enactment.

Highlights:

-Specifies that the tax credit shall be an amount equal to 5 percent of the price paid for the purchase or $15,000, whichever is less (Sec. 1). -Specifies that the tax credit only applies if the home is intended to be used as the taxpayer's principle residence for 36 consecutive months after the home purchase (Sec. 1). -Limits the amount of all credits allowed under this bill to no more than $100 million, of which up to $75 million shall be allowed for purchases of new homes and up to $25 million shall be allowed for purchases of previously occupied homes (Sec. 1).

Full Bill Text