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S. 1988 · 110th Congress

First-Time Homebuyers' Tax Credit Act of 2007

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

DSD StabenowSponsor
3 cosponsors · 1 D, 1 R, 1 I
AKD Klobuchar JLI Lieberman GSR Smith

3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

First-Time Homebuyers' Tax Credit Act of 2007 - Amends the Internal Revenue Code to: (1) allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers); (2) allow transfer of such credit (within 30 days of transfer…

What it does: CRS summary · Introduced in Senate · Aug 3, 2007
First-Time Homebuyers' Tax Credit Act of 2007 - Amends the Internal Revenue Code to: (1) allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers); (2) allow transfer of such credit (within 30 days of transfer application) as payment towards related downpayment and closing costs; and (3) apply the credit to purchases made on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates, and in which the residence is occupied before July 1, 2014.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: First-Time Homebuyers' Tax Credit Act of 2007

Latest action (Aug 3, 2007): Read twice and referred to the Committee on Finance.

Policy area: Taxation · Origin: Senate · Introduced: Aug 3, 2007

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.