3.0.0 10025 2025-10-09T03:26:16Z 2025-10-09T03:26:16Z House H HR 2024-10-22 118 https://www.congress.gov/bill/118th-congress/house-bill/10025 <pre>[Congressional Record Volume 170, Number 158 (Tuesday, October 22, 2024)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. GOMEZ:H.R. 10025.Congress has the power to enact this legislation pursuantto the following:Clause 1 of Section 8 of Article 1 of the United StatesConstitutionThe single subject of this legislation is:Taxation[Page H5889]</pre> hswm00 Ways and Means Committee House Standing Referred To 2024-10-22T15:02:05Z 2024-10-22 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2024-10-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2024-10-22 Introduced in House IntroReferral 1000 9 Library of Congress G000585 Rep. Gomez, Jimmy [D-CA-34] Jimmy Gomez D CA 34 N Taxation Taxation 2024-11-22T15:12:29Z

00 2024-10-22 Introduced in House 2024-11-25T22:31:10Z <p><strong>American Homeownership Opportunity Act of 2024</strong></p><p>This bill provides a new refundable tax credit for first-time homebuyers and a new tax credit to home builders for the construction of starter homes, both subject to limitations.</p><p>First-time homebuyers may claim a tax credit equal to the amount of the down payment up to $25,000 (or $50,000 for first-generation homebuyers), subject to income limitations. The amount of the tax credit is reduced based on how much a first-time homebuyer’s income exceeds $300,000 for joint filers or surviving spouses, $225,000 for head of household filers, and $150,000 for single filers.&nbsp;</p><p>The bill requires first-time homebuyers to add the amount received as a tax credit to taxable income if, within five years from the purchase, the house is sold, leased, or is no longer used as the principal place of residence (some exceptions apply).</p><p>The bill also provides a tax credit for home builders of up to 15% of construction costs (materials and labor) incurred to build a home that is no larger than 1,200 square feet and is sold for an amount that does not exceed 80% of the median home prices for the area. The amount of the tax credit increases to 30% if the home is sold to a first-time home buyer.</p><p>Finally, under the bill, each state receives an annual allocation for the tax credit for the construction of starter homes, for allocation by the state’s housing finance agency to developers (similar to the administration of the low-income housing tax credit).&nbsp;</p>

Display Title 45 2024-10-30T00:53:17Z Short Title(s) as Introduced 101 2024-10-30T00:53:16Z Introduced in House IH Official Title as Introduced 6 2024-10-30T00:48:19Z Introduced in House IH Introduced in House 2024-10-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr10025ih/xml/BILLS-118hr10025ih.xml 2024-10-22 Referred to the House Committee on Ways and Means. 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.