To amend the Internal Revenue Code of 1986 to allow a refundable credit for qualified home acquisition expenses, and for other purposes.
Create a refundable federal tax credit for qualified home acquisition expenses.
Occurrences
The Make the American Dream Real Again Act would allow home sellers to redirect their capital-gains-tax liability toward a first-time buyer’s down payment, inspection costs, or closing expenses. In exchange, the seller would receive a tax credit equal to that contribution, reducing or eliminating their capital-gains-tax burden.
Evidence
The House site says Burlison introduced the Make the American Dream Real Again Act and describes it as legislation to lower barriers to homeownership and help first-time buyers enter an increasingly unaffordable market.
Assessments
Burlison appears to have made a real legislative attempt on homeownership through the Make the American Dream Real Again Act, but the evidence does not show enactment of the specific promise to create a refundable federal tax credit for qualified home acquisition expenses. Under the timing rules, this is an unsuccessful in-term effort rather than delivered or partial fulfillment.