S. 3364 · 115th Congress
First-Time Homebuyer Credit Act of 2018
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsorNo cosponsors.
This bill amends the Internal Revenue Code to extend and modify the first-time homebuyer tax credit, which expired in 2010.
What it does: CRS summary · Introduced in Senate · Aug 22, 2018
First-Time Homebuyer Credit Act of 2018
This bill amends the Internal Revenue Code to extend and modify the first-time homebuyer tax credit, which expired in 2010.
The bill allows a refundable tax credit for first-time homebuyers of a principal residence in the United States who are at least 18 years of age and not claimed as a dependent by another taxpayer. The credit is equal to 2.5% of the purchase price of the residence, subject to a $10,000 limitation and limits based on the purchase price of the home and the adjusted gross income of the taxpayer.
A taxpayer that purchases and disposes of a residence in the same taxable year is not eligible for the credit. Taxpayers that dispose of the residence within five years of claiming the credit are liable for additional taxes based on a specified recapture percentage of the amount of the credit that was allowed. The bill includes several exceptions for a disposal that occurs after circumstances such as a death, divorce, involuntary conversion of the residence, relocation of a military duty station, or changes in employment or health status.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: First-Time Homebuyer Credit Act of 2018
Latest action (Aug 22, 2018): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Aug 22, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.