Lawmakers introduce bill to give first-time homebuyers $15,000 tax credit

Two West Coast legislators have introduced a new bill providing a refundable tax credit of up to $15,000 for first-time homebuyers, potentially fulfilling one of President Joe Biden’s campaign promises. Rep. Earl Blumenauer, D-Ore., and Rep. Jimmy Panetta, D-Calif., introduced the “First-Time Homebuyer Act,” which creates a tax credit worth up to 10% of the purchase price — or $15,000 — for the purchase of a home. To be eligible for the full credit, a buyer may not have owned or purchased a home within the prior three years. Eligibility is also income-based, with homebuyers needing incomes at or below 160% of their area’s median income and the home for purchase at or below 110% of the area’s median purchase price.

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