Referred to the House Committee on Ways and Means.
Summary
The bill adds a refundable credit to the tax code that gives eligible first‑time buyers a credit equal to 10% of a home’s purchase price divided by five, capped at $25,000 (or $12,500 for married individuals filing separately). The credit phases out for buyers whose income or home price exceeds set area‑median thresholds, and it can be claimed for five tax years, with a one‑year, larger credit for teachers, childcare workers, and first responders. The Treasury and HUD will issue regulations to implement the rules.
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