H.R. 8677

119 HR 8677 IH: Make the American Dream Real Again Act
 U.S. House of Representatives
 2026-05-07
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 I  119th CONGRESS  2d Session  H. R. 8677  IN THE HOUSE OF REPRESENTATIVES   May 7, 2026   Mr. Burlison  introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To amend the Internal Revenue Code of 1986 to allow a refundable credit for qualified home acquisition expenses, and for other purposes.
1.
Short title
This Act may be cited as the   Make the American Dream Real Again Act  .
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:
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.