Source: Scotsman Guide —
Two West Coast legislators have introduced a new bill providing a refundable tax credit of up to $15,000 for first-time homebuyers, potentially fulfilling one of President Joe Biden’s campaign promises.
Rep. Earl Blumenauer, D-Ore., and Rep. Jimmy Panetta, D-Calif., introduced the “First-Time Homebuyer Act,” which creates a tax credit worth up to 10% of the purchase price — or $15,000 — for the purchase of a home. To be eligible for the full credit, a buyer may not have owned or purchased a home within the prior three years. Eligibility is also income-based, with homebuyers needing incomes at or below 160% of their area’s median income and the home for purchase at or below 110% of the area’s median purchase price.