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S 3940 118th Congress Senate Taxation

First-Time Homebuyer Tax Credit Act of 2024

Introduced: March 14, 2024 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Mar 14, 2024
Read twice and referred to the Committee on Finance.
Mar 14, 2024
Introduced in Senate
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 Plain-English summary Congressional Research Service

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. 

What's happening now March 14, 2024

Read twice and referred to the Committee on Finance.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 8
All 8 Democratic 8
D
Van Hollen, Chris
Maryland · Apr 15, 2024
 D
Blumenthal, Richard
Connecticut · Mar 19, 2024
 D
Baldwin, Tammy
Wisconsin · Mar 14, 2024
 D
Heinrich, Martin
New Mexico · Mar 14, 2024
 D
Reed, Jack
Rhode Island · Mar 14, 2024
 D
Rosen, Jacky
Nevada · Mar 14, 2024
 D
Smith, Tina
Minnesota · Mar 14, 2024
 D
Welch, Peter
Vermont · Mar 14, 2024
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3940: First-Time Homebuyer Tax Credit Act of 2024. 118th Congress. Open America. https://openamerica.io/bill/118-S-3940/
MLA
"S. 3940: First-Time Homebuyer Tax Credit Act of 2024." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-3940/.
Bluebook (legal)
S. 3940, 118th Cong. (2026), https://openamerica.io/bill/118-S-3940/.
Markdown link
[S. 3940: First-Time Homebuyer Tax Credit Act of 2024](https://openamerica.io/bill/118-S-3940/)
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