arrow_back Back to App

First-Time Homebuyer Tax Credit: Up to $15,000 Refund

This act introduces a new tax credit for individuals purchasing their first home. Eligible citizens can receive a refund of up to $15,000, aiming to make homeownership more accessible. The credit is available to those meeting specific income and property price criteria.
Key points
Opportunity to receive a tax credit equal to 10% of the home's purchase price, up to a maximum of $15,000.
The credit is available to individuals who have not owned a residence in the past three years and are at least 18 years old.
Income limitations (up to 160% of the area median income) and property price limitations (related to the area median purchase price) apply.
If the home is sold within 4 years of purchase, a portion of the credit may be subject to recapture, unless specific exceptions apply (e.g., death, military service, job change).
The provisions apply to homes purchased on or after December 31, 2020.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_2863
Sponsor: Rep. Blumenauer, Earl [D-OR-3]
Process start date: 2021-04-28
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

First-Time Homebuyer Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2863.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-28.

What are the main provisions?

Key points include:

  • Opportunity to receive a tax credit equal to 10% of the home's purchase price, up to a maximum of $15,000.
  • The credit is available to individuals who have not owned a residence in the past three years and are at least 18 years old.
  • Income limitations (up to 160% of the area median income) and property price limitations (related to the area median purchase price) apply.
  • If the home is sold within 4 years of purchase, a portion of the credit may be subject to recapture, unless specific exceptions apply (e.g., death, military service, job change).
  • The provisions apply to homes purchased on or after December 31, 2020.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Blumenauer, Earl [D-OR-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Real Estate Benefits