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119-hr-2748119th CongressWALLET
First Time Homeowner Savings Plan Act
Sponsored By: Representative Stevens, Haley M. [D-MI-11]
Introduced
Summary
Would increase the penalty-free retirement withdrawal limit for first-time homebuyers to $25,000. The bill would also create an annual inflation adjustment to that limit so the cap can rise over time.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Bigger penalty-free withdrawals for first-time homebuyers
This bill would raise the penalty-free limit for first-time homebuyer withdrawals from retirement accounts from $10,000 to $25,000. The $25,000 cap would apply to distributions made Dec. 31, 2025, in tax years ending after that date. For tax years that begin after 2026, the limit would rise with inflation and be rounded to the nearest $100. You would need to meet the first-time homebuyer rules to avoid the 10% early withdrawal penalty.
Sponsors & CoSponsors
Sponsor
Stevens, Haley M. [D-MI-11]
MI • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov