WASHINGTON, D.C. – (RealEstateRama) — Congressman Tim Ryan today introduced legislation to help hardworking Americans pay down their mortgages. The Building Equity for the American Middle-Class Act (BEAM Act) would create a 50% refundable tax credit on additional principal payments individuals make to their monthly required payment, up to $1000.
“Owning a home is an integral part of the American Dream. But this ‘Dream’ should be attainable for every hardworking American. This legislation will help millions pay down their mortgages, making it easier for them to make ends meet and giving them additional financial flexibility to spend their hard earned money on what matters the most – their families,” said Congressman Tim Ryan.
To give an example of how this tax credit would work, if a homebuyer purchased a $200,000 home and put 10% down, they would typically pay around $310,000 over the course of the mortgage. This tax credit would allow that same homebuyer to save $20,000 and finish paying their mortgage two and a half years earlier.