“To amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.”
No CRS summary available for this bill.
This section revises IRC §36 to establish a refundable first-time homebuyer credit equal to 10% of the purchase price of a principal residence (as defined in IRC §121), up to $15,000 ($7,500 for married individuals filing separately, with allocation rules for multiple unmarried buyers). The credit phases out for modified adjusted gross income above 150% of applicable area median income (over a 20% AMI range) and for purchase prices above 110% of area median purchase price (over a 15% range); requires buyers to be first-time homebuyers (no ownership interest in prior 3 years and no prior credit claimed), at least age 18 (or spouse if married), and financing via a federally backed mortgage; and indexes dollar limits for inflation after 2025 (using 2024 as base year). (As background, the prior version of this credit, which provided up to $8,000, expired after 2010.)