First-Time Homebuyer Tax Credit Act of 2024
Summary
First-Time Homebuyer Tax Credit Act of 2024 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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2024
Committee Review
Floor Vote
President
Introduced Mar 14, 2024
Last action Mar 14, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 14, 2024
Committee
Read twice and referred to the Committee on Finance.
upper
Mar 14, 2024
Introduced
Introduced in Senate
upper
1 primary · 9 co-sponsors
Sponsors
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