Congress Proposes $25,000 Tax Credit to Help First-Time Buyers Afford Homes
Small business owners who are first-time homebuyers could benefit from the credit, but many may find it harder to qualify since mortgage approval for self-employed individuals is already more difficult. The income phaseout is based on modified adjusted gross income, which could be volatile for small business owners, potentially affecting eligibility from year to year during the five-year credit period.
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
Document Type
Congressional Bill
Official Title
First Home Affordability Act
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