Bill > HR4717

This bill creates a new first-time homebuyer tax credit that allows eligible individuals to receive a tax credit equal to 10 percent of a home's purchase price, with a maximum credit of $15,000 (or $7,500 for married individuals filing separately). To qualify, individuals must be at least 18 years old and have not owned a home in the previous three years. The credit is subject to phaseout based on the taxpayer's modified adjusted gross income relative to the area median income, and is also limited by the area's median home purchase price. The bill includes provisions for recapturing the credit if the homeowner sells or moves out of the home within four years, with some exceptions for military service members, death, or involuntary conversion. Uniquely, the bill allows taxpayers to transfer the credit to their mortgage lender at the time of purchase, which would provide an immediate benefit by reducing the upfront cost of home buying. The credit will be adjusted annually for inflation and is available for principal residences purchased after the bill's enactment, with special rules to prevent fraud and ensure proper reporting.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4717/all-info