# 114-hr-5575: First-Time Homebuyer Savings Account Act of 2016

114-hr-5575, First-Time Homebuyer Savings Account Act of 2016, is a 114th Congress bill sponsored by Rep. Coffman, Mike [R-CO-6] (R-CO); status Referred to the House Committee on Ways and Means. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/114-hr-5575
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 114-hr-5575
- Congress: 114
- Title: First-Time Homebuyer Savings Account Act of 2016
- Status: Referred to the House Committee on Ways and Means.
- Introduced: 2016-06-24
- Sponsor: Rep. Coffman, Mike [R-CO-6] (R-CO)
- Cosponsors: 2
- Policy area: Taxation
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

First-Time Homebuyer Savings Account Act of 2016 This bill amends the Internal Revenue Code to provide for tax-preferred savings accounts for first-time homebuyers. An individual may make up to $14,000 per year in after-tax contributions to the account, subject to a $50,000 lifetime contribution limit, a $150,000 limit on the fair market value of the account, and adjustments for inflation after 2017. Distributions from the account that are used to pay the qualified principal residence purchase expenditures of the designated beneficiary are excluded from gross income. A "qualified principal residence purchase expenditure" is, with respect to a designated beneficiary who is a first-time homebuyer, any amount: (1) paid toward the purchase price of a principal residence of the beneficiary, (2) required to be paid to settle the purchase of such residence, or (3) required to be paid by the beneficiary to obtain acquisition indebtedness with respect to the residence. Excess contributions to the account, distributions that exceed the qualified principal residence purchase expenditures of the beneficiary, and distributions that are not used for first-time homebuyer purposes are subject to specified taxes.

## Cosponsors (2)

- Rep. Maloney, Sean Patrick [D-NY-18] (D-NY), 2016-06-24T00:00:00.000Z
- Rep. Comstock, Barbara [R-VA-10] (R-VA), 2016-06-24T00:00:00.000Z

## Related bills

- 114-hr-5621: To posthumously award a Congressional Gold Medal to Lawrence Eugene "Larry" Doby in recognition of his achievements and contributions to American major league…
- 114-hr-5292: Air Traffic Controller Hiring Improvement Act of 2016
- 114-hr-4514: Combating BDS Act of 2016
- 114-hr-3929: Office of Strategic Services Congressional Gold Medal Act
- 114-hr-3706: Reach Every Mother and Child Act of 2015
- 114-hr-3381: Childhood Cancer STAR Act

## Sources
- [114-hr-5575 on Congress.gov](https://www.congress.gov/bill/114th-congress/house-bill/5575)

## Related
- [114-hr-5621: To posthumously award a Congressional Gold Medal to Lawrence Eugene "Larry" Dob…](https://policyrisk.com/legislation/114-hr-5621)
- [114-hr-5292: Air Traffic Controller Hiring Improvement Act of 2016](https://policyrisk.com/legislation/114-hr-5292)
- [114-hr-4514: Combating BDS Act of 2016](https://policyrisk.com/legislation/114-hr-4514)
- [114-hr-3929: Office of Strategic Services Congressional Gold Medal Act](https://policyrisk.com/legislation/114-hr-3929)
- [114-hr-3706: Reach Every Mother and Child Act of 2015](https://policyrisk.com/legislation/114-hr-3706)
- [114-hr-3381: Childhood Cancer STAR Act](https://policyrisk.com/legislation/114-hr-3381)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/114-hr-5575 (as of 2025-11-18).