Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced the “First-Time Homebuyer Credit Act of 2016” (S. 3175) on July 13. S. 3175 would allow first time buyers to receive a refundable tax credit up to a $10,000, or the equivalent of 2.5% of the purchase price of the home. The maximum amount refundable would be reached for homes selling at $400,000, and the credit would be available to individuals earning up to $80,000 and married couples earning up to $160,000.
S. 3175 includes the caveat that anyone claiming the credit who moves within five years of the original purchase would have to pay back part of the credit. Special circumstances, including military deployment or job relocation, could provide exceptions to this stipulation.
“Our country’s housing policy needs a remodel,” said Senator Wyden. “We have too many people working hard to support their families who can’t afford rent much less even think about buying their first home. The federal government needs to do more to repair the housing crisis at all levels, working closely with state and local governments. That includes making sure we are adequately funding effective programs to help people experiencing homelessness, getting low-income families access to quality housing, and making sure middle class Americans can afford rent or their first home.”
See S. 3175 at: http://bit.ly/29ZxdLc