New $25,000 Tax Credit for First-Time Homebuyers
This bill creates a refundable tax credit of up to $25,000 for individuals purchasing their first home in the United States. The credit is generally spread over five years, but buyers can elect to transfer the credit to their mortgage lender at the time of purchase.
Key points
Tax credit of up to $25,000 (calculated as 10% of the purchase price divided by 5 years, with exceptions).
Teachers, childcare workers, and first responders have a shortened credit period of one year.
Buyers can elect to transfer the credit to their mortgage lender to receive funds at the time of purchase (e.g., for a down payment).
The credit amount may be phased out based on the taxpayer's modified adjusted gross income and area median purchase prices.
A portion of the credit may be subject to recapture if the home is disposed of or ceases to be a principal residence within a certain period.
Status:
Introduced
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.