S 3940 United States Senate · 118th Congress

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
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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