Rural Housing Tax Credit Act of 2003

[AI summary unavailable — showing source text] Rural Housing Tax Credit Act of 2003 - Amends the Internal Revenue Code to allow a credit (the lesser of ten percent of the purchase price or $5,000) for the purchase of a principal residence by a first-time rural homebuyer. Establishes credit limitations based upon: (1) adjusted gross income; and (2) tax. Provides for credit recapture in the event of: (1) certain sales; or (2) failure to use as a principal residence.…