Where Are We With Joe Bidens First-Time Homebuyer Credit?
A tax credit of up to $15,000 for first-time homebuyers was one of President Joe Bidens campaign promises. According to Bidens campaign website, his First Down Payment Tax Credit would help families afford the costs of homebuying and enable millions of families lay down roots for the first time.  It would expand on a temporary tax credit contained in the 2008 Housing and Economic Recovery Act, but this one would be permanent and advanceable, meaning homebuyers will receive the tax credit when they make the purchase rather than waiting until the following year when they file their taxes.  False claims on social media earlier in 2021 claimed that Congress had authorized a $25,000 tax incentive for first-time homeowners. Despite the fact that MPs have proposed two legislation aimed at assisting people in purchasing homes through tax credits or down-payment aid, neither has received a vote. The First-Time Homebuyer Act was enacted to help first-time homebuyers. The First-Time Homebuyer Act was presented in the House by Reps. Earl Blumenauer and Jimmy Panetta in late April. The policy, which closely mirrors what Biden suggested during his campaign, would create a refundable tax credit for the purchase of a home worth up to 10% of the purchase price, or $15,000, for qualified buyers. A person must be a first-time buyer or have not owned or purchased a house in the previous three years to be eligible. They must also earn less than 160 percent of the areas median income and acquire a home for less than 110 percent of the areas median purchase price. In a statement announcing the bills introduction, Blumenauer stated, As housing prices and demand continue to soar to historic levels, we need to do more to create possibilities for people who have been locked out of homeownership by creating incentives for first-time homebuyers.  According to a press release, such a tax credit has been shown to assist first-time purchasers. The temporary tax credit included in Barack Obamas 2008 Recovery Act was claimed by over 1.5 million households, according to the report. The 2021 Downpayment Toward Equity Act  Instead of a tax credit, this bill proposes that the US Department of Housing and Urban Development offer grants worth up to $25,000 for down payments. Individuals must meet certain income requirements in order to qualify. This is a condensed version of the information.