Source: MPA —
Democratic lawmakers introduced new legislation today to help first-time homebuyers grappling with soaring house prices with a tax credit of up to $15,000 as part of President Joe Biden’s bold housing agenda.
The First Time Homebuyer Act, led by US Rep. Earl Blumenauer (D-OR) and Rep. Jimmy Panetta (D-CA), will create a refundable tax credit worth up to 10% of the purchase price, or $15,000. Taxpayers can choose to treat the purchase of their home as occurring in the prior taxable year to receive the credit sooner.
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