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Sen. Ron Wyden (D-OR) has introduced legislation that would provide a refundable tax credit for certain first-time homebuyers.
Under S.3175, also known as the First-Time Homebuyer Credit Act of 2016, first-time homebuyers are eligible to a refundable tax credit of up to $10,000, which would be equal to 2.5 percent of the purchase price for homes that are acquired for less than $600,000. Homes purchased between the $600,000 and $700,000 range could receive a smaller credit that would be calculated by reducing the maximum credit by the amount that the purchase price is higher than $600,000. The tax credit would be also be determined based on annual incomes.
“Our country’s housing policy needs a remodel,” said Wyden, ranking member of the U.S. Senate Finance Committee. “We have too many people working hard to support their families who can’t afford rent much less even think about buying their first home. The federal government needs to do more to repair the housing crisis at all levels, working closely with state and local governments. That includes making sure we are adequately funding effective programs to help people experiencing homelessness, getting low-income families access to quality housing, and making sure middle class Americans can afford rent or their first home.”