New Bill Proposes $15,000 Refundable Tax Credit for 1.5 Million Eligible First-Time Homebuyers Amid Housing Price Surge

According to the report of MARKETPLACE, Federal lawmakers want to help people in Rhode Island buy their first home. They suggesting a plan called the First-Time Homebuyer Tax Credit Act. Senators Sheldon Whitehouse and Martin Heinrich along with two U.S. representatives came up with this idea. It’s about giving money back to people who buy their first homes. This money called a refundable tax credit could be as much as $15,000. The plan focuses on those who earn 150% or less of the area average income. It’s meant to make owning a home easier for folks with lower incomes.

READ ALSO: A Helping Hand For Family Finances

New Bill Proposes $15,000 Refundable Tax Credit for 1.5 Million Eligible First-Time Homebuyers Amid Housing Price Surge (PHOTO: Homebuyer.com)

Rhode Island housing market has been growing like crazy especially since the pandemic began. The prices of houses—whether they single-family homes, apartments, or condos have shot up by almost half. But there are as many homes available for sale. The proposed tax credit could help them a lot. This makes it even harder for people to afford houses. So if this tax credit plan happens it could really help many Rhode Island folks buy their own homes. Some people like the idea of the tax credit but others have different ideas. For example, some Republicans have suggested a different plan. They want to create a savings plan kind of like the ones for saving money for education.

READ ALSO: Alternative Ways To Finance College Education