3.0.0 3175 2023-01-11T13:33:15Z 2023-01-11T13:33:15Z Senate S 2016-07-13 114 ssfi00 Finance Committee Senate Standing Referred to 2016-07-13T16:10:36Z 2016-07-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-07-13 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N Taxation Housing finance and home ownership Income tax credits Tax administration and collection, taxpayers Taxation 00 2016-07-13 Introduced in Senate 2017-03-03T19:33:01Z First-Time Homebuyer Credit Act of 2016

This bill amends the Internal Revenue Code to extend and modify the first-time homebuyer tax credit, which expired in 2010.

The bill allows a refundable tax credit for first-time homebuyers of a principal residence in the United States who are at least 18 years of age and not claimed as a dependent by another taxpayer. The credit is equal to 2.5% of the purchase price of the residence, subject to a $10,000 dollar limitation and limits based on the purchase price of the home and the adjusted gross income of the taxpayer.

A taxpayer that purchases and disposes of a residence in the same taxable year is not eligible for the credit. Taxpayers that dispose of the residence within five years of claiming the credit are liable for additional taxes based on a specified recapture percentage of the amount of the credit that was allowed. The bill includes several exceptions for a disposal that occurs after circumstances such as a death, divorce, involuntary conversion of the residence, relocation of a military duty station, or changes in employment or health status.

]]> First-Time Homebuyer Credit Act of 2016 Display Title First-Time Homebuyer Credit Act of 2016 Short Titles as Introduced First-Time Homebuyer Credit Act of 2016 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to create a refundable first-time homebuyer tax credit. Introduced in Senate 2016-07-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3175is/xml/BILLS-114s3175is.xml 2016-07-13 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.