Biden Proposes New Homebuyer Tax Credits

President Biden is calling for new middle-class tax breaks, including a mortgage tax credit.

keys on a house key chain
(Image credit: Getty Images)

Promoting a fairer U.S. tax code is a theme in President Biden’s FY25 budget and State of the Union address recently delivered before a joint session of Congress. In addition to proposals to increase the corporate minimum tax rate for corporations, increase taxes on billionaires, and focus on Medicare and Social Security, Biden is calling for new tax credits to effectively lower mortgage rates and make home ownership more affordable.

“For many Americans, owning a home is the cornerstone of raising a family, building wealth, and joining the middle class. Too many working families feel locked out of homeownership and are unable to compete with investors for a limited supply of affordable for-sale homes,” the White House stated in a release.

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Kelley R. Taylor
Senior Tax Editor,

As the senior tax editor at, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.