What would Biden’s first-time homebuyer tax credit look like in action?

August 31, 2020

In today’s Daily Download episode, HousingWire covers Democratic Presidential Nominee Joe Biden’s proposed $15,000 first-time homebuyer tax credit.

For some background on the story, here’s a summary of the article:

Former Vice President Joe Biden has proposed a $15,000 tax credit to help first-time homebuyers purchase a property. As is typical for campaign proposals from either party, the details remain to be fleshed out. And before any tax credit would be put in place, it would have to be hashed out in a bill passed by Congress, which controls U.S. tax policy.

Biden’s proposal, as explained on his campaign website, is: “Help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000. Biden’s new First Down Payment Tax Credit will help families offset the costs of home buying and help millions of families lay down roots for the first time.â€

In some ways, it’s similar to the $7,500 tax credit created by the Housing and Economic Recovery Act signed by President George W. Bush in July 2008. The credit was raised to $8,000 the following year in a bill signed by President Barack Obama. The programs expired in 2010.

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