Bill > HR10025

This bill aims to establish two new tax credits to promote homeownership in the United States. The first is a First-Time Homebuyer Credit, which would provide a credit of up to $25,000 (or $50,000 for first-generation homebuyers) against the tax liability of individuals who are purchasing their first principal residence. The credit is gradually phased out for individuals with higher modified adjusted gross incomes. The second is a Starter Home Construction Credit, which would provide a 15% tax credit (or 30% for first-time homebuyers) on the qualified home construction costs for units of housing under 1,200 square feet and priced at 80% or less of the area median home price. The total credit amount available would be allocated to state housing credit agencies based on population. Both credits are designed to help make homeownership more accessible, particularly for first-time and first-generation homebuyers.