First-Time Homebuyer Act of 2021
- Last Action
- 4/28/2021
Actions
- 2021-04-28Referred to the House Committee on Ways and Means.
- 2021-04-28Introduced in House
- 2021-04-28Introduced in House
CRS Summary
As of 2021-04-28 (00)
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.
Cosponsors (7)
- Jimmy Panetta (D-CA)
- Suzanne Bonamici (D-OR)
- Lauren Underwood (D-IL)
- Dina Titus (D-NV)
- Madeleine Dean (D-PA)
- Peter Welch (D-VT)
- Mike Levin (D-CA)
Subjects
- Housing finance and home ownership
- Income tax credits
- Military personnel and dependents
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.