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The federal government ran deficits under Presidents George W. Bush and Barack Obama, ... a tax credit for first-time homebuyers and incentives for new housing construction.
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The Act extends the $7,500 Section 30D tax credit [111] for the purchase of new electric vehicles while also providing the $4,000 Section 25E tax credit [112] toward the purchase of used electric vehicles, in an effort to increase low- and middle-income access to this technology. [113]
The plan, which would be implemented during Harris’ first term, according to the campaign, would also provide a $10,000 tax credit for first-time home buyers, something Biden proposed earlier ...
The Harris campaign said it was simplifying and expanding that plan by giving on average $25,000 to all eligible first-time home buyers and ensuring all first-generation home buyers are covered.
The National Association of Realtors strongly supports mortgage interest deduction; in 2008, the association contended that "Home prices, particularly in high cost areas, could decline 15 percent if recommendations to convert the mortgage interest deduction to a tax credit are implemented." [37]
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