Make the American Dream Real Again Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8677 Introduced in House (IH)]

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119th CONGRESS 2d Session H. R. 8677

To amend the Internal Revenue Code of 1986 to allow a refundable credit for qualified home acquisition expenses, and for other purposes.

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IN THE HOUSE OF REPRESENTATIVES

May 7, 2026

Mr. Burlison introduced the following bill; which was referred to the Committee on Ways and Means

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A BILL

To amend the Internal Revenue Code of 1986 to allow a refundable credit for qualified home acquisition expenses, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Make the American Dream Real Again Act''.

SEC. 2. REFUNDABLE CREDIT FOR QUALIFIED HOME ACQUISITION EXPENSES.

(a) In General.--Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section:

``SEC. 36C. QUALIFIED HOME ACQUISITION EXPENSES.

``(a) In General.--In the case of an individual who sells their principal residence to a first-time homebuyer during a taxable year, there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount equal to the lesser of-- ``(1) the amount paid by the taxpayer for the qualified home acquisition expenses of such first-time homebuyer with respect to such principal residence, or ``(2) the amount by which the tax liability of the taxpayer would decrease if the taxpayer did not have any gain from the sale of such principal residence included in the taxpayer's gross income. ``(b) Definitions.--For purposes of this section-- ``(1) First-time homebuyer.--The term `first-time homebuyer' means any individual if such individual (and if married, such individual's spouse) had no present ownership interest in a principal residence during the 2-year period ending on the date of the sale of the principal residence to which subsection (a) applies. ``(2) Principal residence.--The term `principal residence' has the same meaning as when used in section 121. ``(3) Qualified home acquisition expenses.--The term `qualified home acquisition expenses' means the costs of acquiring a residence, including any down payment, inspection costs, and closing costs. ``(c) Regulations.--The Secretary shall issue such regulations or other guidance as may be necessary to carry out the purposes of this section.''. (b) Conforming Amendments.-- (1) Section 1324(b)(2) of title 31, United States Code, is amended by inserting ``36C,'' after ``36B,''. (2) Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by inserting ``36C,'' after ``36B,''. (3) The table of sections for subpart C of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 36B the following new item:

``Sec. 36C. Qualified home acquisition expenses.''. (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2026. <all>