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S 1988 110th Congress Senate Taxation Home ownership Housing and Community Development Housing finance Income tax Tax credits

First-Time Homebuyers' Tax Credit Act of 2007

Introduced: August 3, 2007 See on congress.gov
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 3, 2007
Read twice and referred to the Committee on Finance.
Aug 3, 2007
Introduced in Senate
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 Plain-English summary Congressional Research Service
First-Time Homebuyers' Tax Credit Act of 2007 - Amends the Internal Revenue Code to: (1) allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers); (2) allow transfer of such credit (within 30 days of transfer application) as payment towards related downpayment and closing costs; and (3) apply the credit to purchases made on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates, and in which the residence is occupied before July 1, 2014.
What's happening now August 3, 2007

Read twice and referred to the Committee on Finance.

 Related & companion bills 2
  • HR 5643 Related bill First-Time Homebuyers' Tax Credit Act of 2008
  • HR 5992 Related bill First Time Property Owners Tax Credit Act of 2008
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Klobuchar, Amy
Minnesota · Aug 3, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1988: First-Time Homebuyers' Tax Credit Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-S-1988/
MLA
"S. 1988: First-Time Homebuyers' Tax Credit Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-1988/.
Bluebook (legal)
S. 1988, 110th Cong. (2026), https://openamerica.io/bill/110-S-1988/.
Markdown link
[S. 1988: First-Time Homebuyers' Tax Credit Act of 2007](https://openamerica.io/bill/110-S-1988/)
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