What is the official ID of this bill?
The official print number for this legislation is HR 2863.
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.
Status:
Expired
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