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

This act introduces a new tax credit for first-time homebuyers, offering a refund of up to $15,000. It aims to make homeownership more accessible by reducing initial costs for citizens. However, there are income and price limitations, as well as recapture rules if the home is sold quickly.
Key points
Eligible for 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 3 years and are at least 18 years old.
The credit amount may be reduced based on the buyer's income and the median home price in the area.
If the home is sold within 4 years of purchase, a portion of the credit may need to be repaid, with exceptions for certain situations (e.g., death, military service, job change).
Taxpayers can elect to transfer the credit to their mortgage lender, who can provide the amount as an upfront payment or down payment.
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Additional Information
Print number: 118_HR_7707
Sponsor: Rep. Panetta, Jimmy [D-CA-19]
Process start date: 2024-03-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

First-Time Homebuyer Tax Credit Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7707.

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 2024-03-15.

What are the main provisions?

Key points include:

  • Eligible for 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 3 years and are at least 18 years old.
  • The credit amount may be reduced based on the buyer's income and the median home price in the area.
  • If the home is sold within 4 years of purchase, a portion of the credit may need to be repaid, with exceptions for certain situations (e.g., death, military service, job change).
  • Taxpayers can elect to transfer the credit to their mortgage lender, who can provide the amount as an upfront payment or down payment.
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. Panetta, Jimmy [D-CA-19].

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 2025-12-25.

CATEGORIES

Taxes Real Estate Benefits