1. Short title This Act may be cited as the First-Time Homebuyer Tax Credit Act of 2024 . 2. First-time homebuyer refundable tax credit (a) In general Section 36 of the Internal Revenue Code of 1986 is amended to read as follows: 36. First-time homebuyer credit (a) Allowance of credit In the case of an individual who is a first-time homebuyer of a principal residence in the United States 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 10 percent of the purchase price of the residence. (b) Limitations (1) Dollar limitation (A) In general Except as otherwise provided in this paragraph, the credit allowed under subsection (a) shall not exceed $15,000. (B) Married individuals filing separately In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting $7,500 for $15,000 . (C) Other individuals If 2 or more individuals who are not married purchase a principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $15,000. (2) Phaseout based on area median income (A) In general The amount allowable as a credit under subsection (a) (determined without regard to this paragraph) shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so allowable as— (i) the excess (if any) of— (I) the modified adjusted gross income of the taxpayer for the taxable year, over (II) 150 percent of the applicable Area Medium Income, bears to (ii) 20 percent of the applicable Area Median Income. (B) Modified adjusted gross income For purposes of subparagraph (A), the term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933. (C) Applicable