118th Congress Taxation
S. 3940: First-Time Homebuyer Tax Credit Act of 2024
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill modifies the first-time homebuyer tax credit. It allows a first-time homebuyer of a principal residence a tax credit for 10% of the purchase price of the residence, not to exceed $15,000. The bill revises the income formula for determining the maximum allowable credit amount, replaces the limitation on the credit based on purchase price (currently $800,000) with a limitation based on area median purchase price, and revises rules relating to transfer and recapture of the credit and to members of the Armed Forces.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Tammy Baldwin D-WIOriginal
- Martin Heinrich D-NMOriginal
- John Reed D-RIOriginal
- Jacky Rosen D-NVOriginal
- Tina Smith D-MNOriginal
- Peter Welch D-VTOriginal
- Richard Blumenthal D-CT
- Chris Van Hollen D-MD
- Jon Tester D-MT
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History
- Introduced in the Senate by Sheldon Whitehouse.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.