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
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
Plain-English summary
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1