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A03276 Summary:

BILL NO    A03276 

SAME AS    No same as 

SPONSOR    Rabbitt (MS)

COSPNSR    Thiele, Kolb, Finch, McDonough, Raia, McKevitt

MLTSPNSR   Barclay

Amd S606, Tax L

Provides for personal income taxpayers who are first-time home buyers a credit
for interest paid on a purchase money loan/mortgage of 25% of the annual
interest paid over the life of the loan; allows for carryover where the credit
exceeds the tax due; provides for recapture if the property ceases to qualify
during the first five years after acquisition; creates the mortgage credit
certificate credit against personal income tax.