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Doubling of First Time Homebuyers' Tax Credit

Published on November 28, 2022 PDF(opens a new window)

This bill proposes doubling the First Time Homebuyer’s Tax Credit, increasing the non-refundable tax credit amount from $5,000 to $10,000. This measure will apply to homes purchased on or after January 1st, 2022.

The PBO estimates that the doubling of First Time Homebuyers' Tax Credit will reduce federal income tax revenues by approximately $115 million in 2022-23 for a total of 585 million over the next 5 years.