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. You could receive a refund of up to $15,000, aiming to make homeownership more accessible. However, there are income and home price limitations, as well as rules for repaying the credit if you sell the home too soon.
Key points
You can receive a tax credit equal to 10% of your first home's purchase price, up to a maximum of $15,000.
The credit is only available to individuals who haven't owned a residence in the past 3 years and are at least 18 years old.
The credit amount may be reduced if your income exceeds 150% of the area's median income or if the home's price exceeds 110% of the area's median purchase price.
If you sell the home within 4 years of purchase, a portion of the credit may need to be repaid, unless specific exceptions apply (e.g., death, military service, job change).
There's an option to transfer the credit to your mortgage lender, who can provide you with the amount upfront, potentially as part of your down payment.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_4717
Sponsor: Rep. Panetta, Jimmy [D-CA-19]
Process start date: 2025-07-23
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

First-Time Homebuyer Tax Credit Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4717.

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 2025-07-23.

What are the main provisions?

Key points include:

  • You can receive a tax credit equal to 10% of your first home's purchase price, up to a maximum of $15,000.
  • The credit is only available to individuals who haven't owned a residence in the past 3 years and are at least 18 years old.
  • The credit amount may be reduced if your income exceeds 150% of the area's median income or if the home's price exceeds 110% of the area's median purchase price.
  • If you sell the home within 4 years of purchase, a portion of the credit may need to be repaid, unless specific exceptions apply (e.g., death, military service, job change).
  • There's an option to transfer the credit to your mortgage lender, who can provide you with the amount upfront, potentially as part of your down payment.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Taxes Real Estate Benefits