First-Time Homebuyer Tax Credit Act of 2025

Senate Bill

S. 2402

119th Congress

First-Time Homebuyer Tax Credit Act of 2025

In Committee

Introduced:Jul 23, 2025

Primary Sponsor

Margaret Wood Hassan

Senator

Democratic

NH

Cosponsors

5

Quick Stats

Policy Area

Labor and Employment

Summary

The First-Time Homebuyer Tax Credit Act of 2025 would create a new tax credit program to help first-time homebuyers afford a down payment on a house. The goal is to make it easier for people who have never owned a home before to purchase their first property.

Latest Action

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

SponsorMargaret Wood Hassan (D-NH)

Introduced7/23/2025

StatusRead twice and referred to the Committee on Finance.

ChamberSenate

Data from Congress.gov

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Vote Prediction

First-Time Homebuyer Tax Credit Act of 2025

The First-Time Homebuyer Tax Credit Act of 2025 would create a new tax credit program to help first-time homebuyers afford a down payment on a house. The goal is to make it easier for people who have never owned a home before to purchase their first property.

Community Breakdown

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The First-Time Homebuyer Tax Credit Act of 2025 would create a new tax credit program to help first-time homebuyers afford a down payment on a house. The goal is to make it easier for people who have never owned a home before to purchase their first property.

Bill Number: 2402
Sponsor: Margaret Wood Hassan (D-NH)
Introduced: 7/23/2025
Status: Read twice and referred to the Committee on Finance.
Policy Area: Labor and Employment

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: First-Time Homebuyer Tax Credit Act of 2025
Bill Number: 2402
Sponsor: Margaret Wood Hassan (D-NH)
Status: Read twice and referred to the Committee on Finance.
Introduced: 7/23/2025
Summary: The First-Time Homebuyer Tax Credit Act of 2025 would create a new tax credit program to help first-time homebuyers afford a down payment on a house. The goal is to make it easier for people who have never owned a home before to purchase their first property.

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

The First-Time Homebuyer Tax Credit Act of 2025 would create a new tax credit program to help first-time homebuyers afford a down payment on a house. The goal is to make it easier for people who have never owned a home before to purchase their first property.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Gateway to Careers Act of 2023 This bill requires the Department of Labor to establish a career pathway partnership grant program to award grants to state workforce agencies to support partnerships between educational institutions and workforce development entities. The partnerships must use the subgrants to (1) carry out activities that support the development and implementation of career pathway programs, and (2) provide support services to students engaged in career pathway programs. Labor must ensure an equitable geographic distribution of such grants, including to rural areas and other regions that have traditionally been underserved by regional economic development and industry or sector partnership activities.

Key Points

Main provisions of the bill

Establishes a tax credit of up to $15,000 for first-time homebuyers to use towards a down payment on a home
The credit is available to individuals or couples who have not owned a home in the past 3 years
The credit phases out for higher-income households to target assistance to middle and lower-income buyers
The credit can be claimed when filing taxes after purchasing a home

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily benefit first-time homebuyers, especially younger adults and lower-income families who have struggled to save for a down payment. By providing financial assistance, it could make homeownership more accessible and allow more people to build wealth through home equity. However, the long-term impact on housing affordability and prices is uncertain and would depend on other market factors.

Policy Areas

Primary Policy Area

Labor and Employment

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

2402, 119th Congress (2025). "First-Time Homebuyer Tax Credit Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-s-2402

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