Bill · S. 2402· Senate(119-S-2402)

First-Time Homebuyer Tax Credit Act of 2025

Age: 71 years

Rhode Island

Introduced: 7/23/2025
Last activity: 7/23/2025 — Read twice and referred to the Committee on Finance.
Sponsored by: Sheldon Whitehouse
Cosponsors: - 13 - 0

Taxation

Introduced
In Committee

What this bill would do

This bill, called the "First-Time Homebuyer Tax Credit Act of 2025," amends the Internal Revenue Code of 1986 to create a tax credit for first-time homebuyers. The credit is equal to 10 percent of the home's purchase price, with a maximum credit of $15,000, but this amount may be reduced based on income and the area's median purchase price. It also allows taxpayers to elect to transfer the credit to their mortgage lender.

Yes· 3 of 20

Would people in their twenties and thirties be better off under this?+7
The bill specifically targets first-time homebuyers, who are likely to be young adults, to help them purchase homes.
Would middle-income households be better off under this?+7
This bill directly benefits middle-class households by providing a tax credit for first-time homebuyers.
Would households on low incomes be better off under this?+5
The tax credit could make homeownership more accessible to low-income households, though the income limitations might reduce the benefit.

The opposite· 3 of 6

Would high-income households be better off under this?-2
High-income households are less likely to qualify for the tax credit due to income limitations, thus the bill does not benefit them and might negatively impact their taxes.
Would people with substantial wealth be better off under this?-2
High-net-worth individuals are less likely to qualify for the tax credit due to income limitations.
Would the very wealthiest people be better off under this?-2
Ultra-high-net-worth individuals are less likely to qualify for the tax credit due to income limitations.