HR 8677

This bill, the Make the American Dream Real Again Act, proposes a refundable tax credit for first-time homebuyers who purchase a principal residence. Specifically, it allows taxpayers who sell their existing home to contribute to a first-time buyer’s home purchase expenses, with the credit amount capped at either the expenses paid or the tax reduction the seller would experience. The bill aims to make homeownership more accessible by providing financial assistance to new homeowners and reducing the tax burden on sellers assisting them.