Bill > HR2863

This bill, the First-Time Homebuyer Act of 2021, amends the Internal Revenue Code to provide a refundable tax credit of up to $15,000 for first-time homebuyers of a principal residence in the United States. The credit is subject to certain limitations, including based on the taxpayer's modified adjusted gross income and the area median purchase price of the home. The bill also includes provisions for recapturing the credit if the homeowner disposes of the residence within four years, with some exceptions such as for members of the armed forces or those who change employment. The amendments made by this bill would apply to taxable years beginning after December 31, 2020.