2024 House Bill 5806

AI Analysis – Experimental

House Bill No. 5806 aims to amend the Income Tax Act of 1967 by adding section 280 to provide a tax credit for taxpayers who make a down payment on the purchase of a single-family residence. Starting from January 1, 2025, eligible taxpayers can claim a credit of 10% of the down payment or $3,000, whichever is less. To qualify, taxpayers must attach a settlement statement to their annual tax return. The bill defines "principal residence," "settlement statement," and "single-family residence," with the latter including manufactured homes, trailers, mobile homes, condominium units, or cooperatives. This initiative is designed to support individuals and families in purchasing their own homes by offering financial relief through tax credits.