S. 3940 · 118th Congress
First-Time Homebuyer Tax Credit Act of 2024
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WhitehouseSponsor9 cosponsors · 9 D
D
Baldwin
MH
D
Heinrich
JR
D
Reed
JR
D
Rosen
TS
D
Smith
PW
D
Welch
RB
D
Blumenthal
CV
D
Van Hollen
JT
D
Tester6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Mar 14, 2024
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: First-Time Homebuyer Tax Credit Act of 2024
Latest action (Mar 14, 2024): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 14, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.