President-Elect Joe Biden Proposing An Up To $15,000 Tax Credit For 1st Time Home Buyers To Purchase A House
Former Vice President Joe Biden has proposed a $15,000 tax credit to help first-time homebuyers purchase a property. However, the details remain to be fleshed out and it has to be approved by Congress next year.
Biden’s campaign website states:
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.
The plan is similar to the $7,500 tax credit created by the HER Act signed by President 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.