First-Time Homebuyer Tax Credit Bill
Proposed legislation offers tax credit up to $15,000
According to Review Journal, Senator Jacky Rosen along with Senators Sheldon Whitehouse and Martin Heinrich, introduced the First-Time Homebuyer Tax Credit Act to help people buy their first homes. The tax credit bill aims to give up to 10 percent of the home’s price with a maximum of $15,000. This tax credit bill is to help folks, especially in Nevada and other places where home prices are high to afford their own homes. Rosen said the tax credit bill is meant to make it easier for people who struggle to make big down payments when buying a house.
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Conditions for the Proposed First-Time Homebuyer Tax Credit Bill Act
If the tax credit bill passes, families with federally backed mortgages can get a tax credit for buying their first homes. But there are conditions: if you earn more than 150% of the average income in your area or if your home costs more than 110% of the average price you might not get the full credit. This tax credit bill is similar to what President Biden talked about in his State of the Union speech where he said the government should help more people buy homes especially those struggling to afford one. Unlike a previous bill from 2008, this one doesn’t require paying back the tax credit over 15 years. President Biden supports helping first-time homebuyers emphasizing the importance of making homeownership accessible to everyone regardless of income.