Bill > HR7707

This bill amends the Internal Revenue Code to provide a first-time homebuyer refundable tax credit. The key provisions of the bill are: 1. It allows a credit of 10% of the purchase price of a principal residence, up to a maximum of $15,000, for first-time homebuyers. The credit phases out based on the homebuyer's modified adjusted gross income and the area median purchase price. 2. It defines a "first-time homebuyer" as an individual (and their spouse, if married) who has not owned a residence during the 3-year period prior to the purchase. 3. It includes provisions for recapturing the credit if the homeowner sells or stops using the residence as their principal residence within 4 years, with certain exceptions. 4. It allows homebuyers to elect to have the credit provided directly to their mortgage lender instead of receiving it themselves. 5. It treats certain errors in claiming the credit as mathematical or clerical errors, allowing the IRS to correct them without the normal procedures. The bill is intended to assist first-time homebuyers in purchasing a home by providing a tax credit to offset some of the costs.