S. 3175: First-Time Homebuyer Credit Act of 2016

114th Congress · introduced 2016-07-13 · Taxation · Latest: Read twice and referred to the Committee on Finance.

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Follow this bill, step by step

Where it came from: introduced 2016-07-13 · official record
Who proposed it: Sen. Wyden, Ron [D-OR] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

First-Time Homebuyer Credit Act of 2016

Plain summary

First-Time Homebuyer Credit Act of 2016 This bill amends the Internal Revenue Code to extend and modify the first-time homebuyer tax credit, which expired in 2010. The bill allows a refundable tax credit for first-time homebuyers of a principal residence in the United States who are at least 18 years of age and not claimed as a dependent by another taxpayer. The credit is equal to 2.5% of the purchase price of the residence, subject to a $10,000 dollar limitation and limits based on the purchase price of the home and the adjusted gross income of the taxpayer. A taxpayer that purchases and disposes of a residence in the same taxable year is not eligible for the credit. Taxpayers that dispose of the residence within five years of claiming the credit are liable for additional taxes based on a specified recapture percentage of the amount of the credit that was allowed. The bill includes several exceptions for a disposal that occurs after circumstances such as a death, divorce, involuntary conversion of the residence, relocation of a military duty station, or changes in employment or health status.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

First-Time Homebuyer Credit Act of 2016

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Wyden, Ron [D-OR] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Wyden, Ron [D-OR] reported raising $1.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s3175.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s3175 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114