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Senate Bill Would Help First-Time Home Buyers

“The First Time Homebuyers’ Tax Credit Act of 2003,” S. 1175, would provide a tax credit for the purchase of a new home of up to $3,000 for an individual and $6,000 for a married couple.

To be fully eligible for the tax credit, first-time home buyers must be in no higher than the 27% tax bracket during the year prior to their purchase.

According to a fact sheet released by Stabenow, this would create eligibility caps of $67,700 for single taxpayers, $96,700 for heads of households and $112,850 for joint returns. There would be a dollar-for-dollar phase-out of the tax credit beyond these caps.

NAHB supports the legislation; one of its most significant provisions would enable the home buyer to transfer “all or a portion of the credit” to pay for downpayment and closing costs.

“The goal of this legislation is to extend the dream of homeownership to more working families,” Stabenow said.

To read this bill, click here, and enter S. 1175 in the box at the upper left.

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