US HB7216

Creates a new $5,000 tax credit ($10,000 for joint filers) for individuals who purchase a principal residence during the taxable year

Limits eligibility to taxpayers who have not received the credit in the preceding 4 taxable years

Phases out the credit for single filers with modified adjusted gross income exceeding $250,000 ($500,000 for joint filers)

Adds the credit to the Internal Revenue Code as Section 36C, effective for taxable years beginning after enactment