Under current tax law, there are no special tax credits for first-time homebuyers. President Joseph Biden has proposed a $15,000 credit for qualifying first-time homebuyers, and several Democratic representatives drafted a bill that would provide one. The legislation proposes a refundable credit, so taxpayers would be entitled to it even if their tax bill was below $15,000. It would be worth up to 10% of the home's purchase price for homes valued at 110% or below the median purchase price in the local area. Families could be eligible if they hadn't owned or purchased a home within three years of the purchase and if their incomes didn't exceed 160% of the median income in their area. It is unclear if the legislation will pass.