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
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
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1