The Make American Housing Affordable (MAHA) Act of 2026 creates a new federal tax credit to help people purchase homes. Eligible first-time homebuyers who purchase a principal residence can claim a $5,000 tax credit ($10,000 for joint filers), provided they have not claimed the credit in the previous four years. The credit begins to phase out for higher-income individuals, reducing by 1 percent for every $500 (or $1,000 for joint filers) of income above $250,000 ($500,000 for joint filers), meaning the credit is unavailable to those earning significantly above these thresholds. The tax credit takes effect for taxable years beginning after the bill is enacted, with no specific funding amount or implementation timeline detailed in the legislation itself.
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