0
0
0
A bill to amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
4/5/2024, 2:53 PM
Summary of Bill S 3940
Bill 118 s 3940, also known as the First-Time Homebuyer Credit Act, aims to amend the Internal Revenue Code of 1986 to provide a tax credit for first-time homebuyers. The bill seeks to incentivize individuals who have never owned a home before to purchase a home by offering them a tax credit.
The tax credit would be available to individuals who meet certain criteria, such as being a first-time homebuyer and meeting income requirements. The amount of the tax credit would be based on the purchase price of the home and would be capped at a certain amount.
In addition to providing a tax credit for first-time homebuyers, the bill also includes provisions for other purposes related to homeownership. These provisions could include measures to make it easier for individuals to qualify for a mortgage or to provide assistance to individuals facing foreclosure. Overall, the First-Time Homebuyer Credit Act aims to promote homeownership among individuals who have never owned a home before by providing them with a tax credit to help offset the costs of purchasing a home.
The tax credit would be available to individuals who meet certain criteria, such as being a first-time homebuyer and meeting income requirements. The amount of the tax credit would be based on the purchase price of the home and would be capped at a certain amount.
In addition to providing a tax credit for first-time homebuyers, the bill also includes provisions for other purposes related to homeownership. These provisions could include measures to make it easier for individuals to qualify for a mortgage or to provide assistance to individuals facing foreclosure. Overall, the First-Time Homebuyer Credit Act aims to promote homeownership among individuals who have never owned a home before by providing them with a tax credit to help offset the costs of purchasing a home.
Read the Full Bill
Current Status of Bill S 3940
Bill S 3940 is currently in the status of Bill Introduced since March 14, 2024. Bill S 3940 was introduced during Congress 118 and was introduced to the Senate on March 14, 2024. Bill S 3940's most recent activity was Read twice and referred to the Committee on Finance. as of March 14, 2024
Bipartisan Support of Bill S 3940
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
14Democrat Cosponsors
14Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3940
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 3940
A bill to amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
First-Time Homebuyer Tax Credit Act of 2024
First-Time Homebuyer Tax Credit Act of 2024
A bill to amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
Comments
Sponsors and Cosponsors of S 3940
Latest Bills
READ Act
Bill S 4689August 24, 2026
National Law Enforcement Officers Remembrance, Support, and Community Outreach Act
Bill HR 309August 21, 2026
National Oceanic and Atmospheric Administration Sexual Harassment and Assault Prevention Improvements Act of 2025
Bill HR 2406August 21, 2026
No Antisemitism in Education Act of 2026
Bill HR 8476August 21, 2026
Chesapeake Bay Watershed Advancement for Training, Education, Restoration, and Science (WATERS) Act
Bill HR 6893August 21, 2026
To provide for the equitable settlement of certain Indian land disputes regarding land in Illinois, and for other purposes.
Bill HR 2827August 21, 2026
Local Communities & Bird Habitat Stewardship Act of 2026
Bill HR 3276August 21, 2026
To reauthorize the Young Women’s Breast Health Education and Awareness Requires Learning Young Act of 2009.
Bill HR 4541August 20, 2026
Stop Insider Trading Act
Bill HR 7008August 20, 2026
National Defense Authorization Act for Fiscal Year 2027
Bill HR 8800August 20, 2026





