H.R. 10025 — American Homeownership Opportunity Act of 2024

This bill provides a new refundable tax credit for first-time homebuyers and a new tax credit to home builders for the construction of starter homes, both subject to limitations. First-time homebuyers may claim a tax credit equal to the amount of the down payment up to $25,000 (or $50,000 for first-generation homebuyers), subject to income limitations. The amount of the tax credit is reduced based on how much a first-time homebuyer’s income exceeds $300,000 for joint filers or surviving spouses, $225,000 for head of household filers, and $150,000 for single filers.  The bill requires first-time homebuyers to add the amount received as a tax credit to taxable income if, within five years fr...