This bill introduces a new housing affordability credit into the Internal Revenue Code, aiming to assist individuals with the purchase of a principal residence. The credit offers a financial benefit of $5,000 for eligible individuals and $10,000 for those filing a joint return . To qualify, an individual must purchase a principal residence during the taxable year and must not have claimed this specific credit in any of the four preceding taxable years, promoting access for new homeowners. The credit amount is subject to a phase-out for higher-income taxpayers , beginning when modified adjusted gross income exceeds $250,000 for individuals or $500,000 for joint filers. This new tax provision is designed to apply to taxable years beginning after the date the Act is enacted, providing a direct financial incentive to promote homeownership.