HR 2863
117th Congress
House
Taxation
Housing finance and home ownership
Income tax credits
Military personnel and dependents
First-Time Homebuyer Act of 2021
Introduced: April 28, 2021
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 28, 2021
Referred to the House Committee on Ways and Means.
Apr 28, 2021
Introduced in House
Plain-English summary
First-Time Homebuyer Act of 2021
This bill modifies the first-time homebuyer tax credit. Specifically, it increases the allowable dollar amount of the credit from $8,000 to $15,000, 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 recapture of the credit and to members of the Armed Forces.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1