Home Advantage for American Families Act

Hozzl · 2023-12-15T15:58:27Z

Explore the details of House Bill 3533 Home Advantage for American Families Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:58 PM

Summary of Bill HR 3533

Bill 118 hr 3533, also known as the Home Advantage for American Families Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide financial assistance to American families who are looking to purchase their first home.

The bill proposes the creation of a new tax credit for first-time homebuyers, which would provide a financial incentive for individuals and families to invest in homeownership. The tax credit would be available to individuals or families who have not owned a home in the past three years and who meet certain income requirements.

In addition to the tax credit, the Home Advantage for American Families Act also includes provisions to increase funding for affordable housing programs and to streamline the process for obtaining a mortgage. These measures are intended to make it easier for first-time homebuyers to navigate the complex process of purchasing a home and to ensure that affordable housing options are available to all Americans. Overall, the Home Advantage for American Families Act aims to promote homeownership and provide financial assistance to American families who are looking to achieve the dream of owning their own home. The bill is currently being debated in Congress, and its ultimate fate will depend on the support it receives from lawmakers.

Congressional Summary of HR 3533

Home Advantage for American Families Act

This bill requires any foreign person involved in a transaction related to the sale of residential property located in any of the 15 largest metropolitan statistical areas by population to report to the Department of the Treasury information for identifying the person purchasing the property, the amount and source of the funds received by the seller, the date and nature of the transaction, and other information deemed necessary.

The bill also increases (1) from 15% to 30% the rate of withholding on the sales proceeds of U.S. real property interests, and (2) the low-income housing tax credit state ceiling.

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Current Status of Bill HR 3533

Bill HR 3533 is currently in the status of Bill Introduced since May 18, 2023. Bill HR 3533 was introduced during Congress 118 and was introduced to the House on May 18, 2023. Bill HR 3533's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of May 18, 2023