Make the American Dream Real Again Act
Tax Credit for Sellers Helping First-Time Homebuyers
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. It is considered active, but no further meetings or votes have been scheduled at this time.
Legislative Progress
Most bills introduced by a single representative without many cosponsors face a difficult path to becoming law and often stall in committee.
Key Points
- This bill creates a new tax credit for homeowners who sell their primary residence to a first-time buyer. To qualify for the credit, the seller must help the buyer pay for costs like the down payment, home inspections, or closing costs.
- The credit is refundable, which means if the credit is worth more than the taxes the seller owes, they can receive the difference as a refund check from the government.
- The amount of the credit is limited to either the amount the seller paid for the buyer's expenses or the amount of tax the seller would have owed on the profit from the sale, whichever is lower.
- A first-time homebuyer is defined as someone who has not owned a home in the past two years. This rule also applies to the buyer's spouse if they are married.
- If this bill becomes law, the new tax credit would be available for home sales starting in the 2027 tax year.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
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.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Make the American Dream Real Again Act
Data Sources
Sponsor
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