The bill would establish a $5,000 housing affordability tax credit for an eligible individual who purchases a principal residence during the taxable year, with the amount doubled for a joint return. An individual could not receive the credit if one was allowed during the preceding four taxable years. The credit would phase out based on modified adjusted gross income above $250,000, with the threshold doubled for a joint return, and would apply to taxable years beginning after enactment.

FactVote-generated overview; it is not an official CRS summary.