The bill proposes a tax exemption for materials and equipment used in constructing new multifamily homes, such as duplexes and triplexes, specifically for first-time homebuyers. To benefit from this exemption, the first-time homebuyer must live in at least one of the units. The exemption applies only to the first $460,000 spent on construction costs. Taxes on eligible purchases will be collected initially and then refunded to those who qualify. This tax exemption is set to expire on July 1, 2033.