United States · Bill · S
S. 3940 (118th)
First-Time Homebuyer Tax Credit Act of 2024
Introduced
14 March 2024
Last action
—
Status
Read twice and referred to the Committee on Finance.
Sponsors
—
Subjects
Discovery layer
Source updated
12 September 2024
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.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
No timeline events have been ingested for this record yet.
Votes
No vote records are attached yet.
Versions
No version snapshots stored. Document URLs remain at the source.
Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 14 March 2024
Introduced in Senate (PDF)
Introduced in Senate · EN · 14 March 2024
Introduced in Senate
summary · EN · 14 March 2024
Sponsors
No sponsors or actors listed by the source.
Related records
No cross-record relationships stored yet.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/118th-congress/senate-bill/3940
- Open data entity: https://api.congress.gov/v3/bill/118/s/3940