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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
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