HR 7707
First-Time Homebuyer Tax Credit Act of 2024
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The First-Time Homebuyer Tax Credit Act of 2024 proposes a refundable tax credit for first-time homebuyers purchasing a principal residence in the United States. The credit is equal to 10% of the purchase price, up to a maximum of $15,000 for single filers and $7,500 for married couples filing separately. The credit is phased out based on the taxpayer’s modified adjusted gross income and the median income in their area, and also based on the purchase price compared to the area median purchase price. The bill includes provisions regarding eligibility, recapture of the credit, and a new election allowing mortgage lenders to receive the credit instead of taxpayers, subject to specific requirements.
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Primary sponsor
Cosponsor
Earl Blumenauer
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