First-Time Homebuyer Tax Credit Act of 2024
This bill died when its Congress ended.
Bills don't carry over between Congresses. Without re-introduction in a new session, it cannot advance.
This bill modifies the first-time homebuyer tax credit. It allows a first-time homebuyer of a principal residence a tax credit for 10% of the purchase price of the residence, not to exceed $15,000. The bill revises the income formula for determining the maximum allowable credit amount, replaces the limitation on the credit based on purchase price (currently $800,000) with a limitation based on area median purchase price, and revises rules relating to transfer and recapture of the credit and to members of the Armed Forces.
Filed in the Senate
This senate bill has been filed and is working its way through Congress. It will need to pass both the Senate and the House, then be signed by the President to become law.
Who introduced this
Sheldon Whitehouse
DemocratU.S. Senator · RI
9 cosponsors — all Democrat
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