Bill > S3940

This bill amends the Internal Revenue Code of 1986 to provide a first-time homebuyer refundable tax credit. The key provisions are: - Allows a credit of 10% of the purchase price of a principal residence, up to a maximum of $15,000 (or $7,500 for married filing separately). This credit is phased out based on the homebuyer's modified adjusted gross income and the area median purchase price. - Defines a "first-time homebuyer" as someone who has not owned a residence in the past 3 years and has not claimed the credit previously. - Allows homebuyers to elect to have the credit paid directly to their mortgage lender rather than claiming it themselves, subject to certain requirements for the lender. - Requires certain errors related to the credit to be treated as mathematical or clerical errors, allowing the IRS to correct them without a formal audit process. - Applies the amendments to principal residences purchased after the date of the bill's enactment.