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

This new act introduces a tax credit for individuals purchasing their first home. You could receive up to $15,000 back, aiming to make homeownership more accessible. However, there are income and home price limitations, and 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 for individuals who haven't owned a residence in the past 3 years and haven't claimed this credit before.
The credit amount may be reduced if your income or the home's purchase price exceeds certain limits, based on average values in your area.
If you sell the home within 4 years of purchase, you may have to repay part of the credit, unless specific exceptions apply (e.g., death, military service, job change).
You can elect to transfer the credit to your mortgage lender, who will provide you with the credit amount in cash or as part of your down payment.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_2402
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2025-07-23
Lustra uses Artificial Intelligence. Verify details in source documents.
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 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_2402.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

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 for individuals who haven't owned a residence in the past 3 years and haven't claimed this credit before.
  • The credit amount may be reduced if your income or the home's purchase price exceeds certain limits, based on average values in your area.
  • If you sell the home within 4 years of purchase, you may have to repay part of the credit, unless specific exceptions apply (e.g., death, military service, job change).
  • You can elect to transfer the credit to your mortgage lender, who will provide you with the credit amount in cash or 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 Sen. Whitehouse, Sheldon [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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 Economy