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Committee reviews expansion of homebuyer tax credit to include first‑generation buyers; plan would add a second $250,000 annual credit
Summary
The committee discussed a proposal to extend an existing $250,000 annual first-time homebuyer tax credit and to create a separate $250,000 credit aimed at first‑generation homebuyers and down-payment assistance, effectively doubling annual credit capacity if enacted.
Members of the House General and Housing Committee reviewed draft language that would extend the current $250,000 annual tax-credit allocation for first-time homebuyers and establish an additional, separate $250,000 tax-credit slot for first‑generation homebuyers that would fund down-payment assistance.
Committee staff summarized the mechanism: the longstanding $250,000 tax-credit allocation for first-time…
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