# 119-hr-7185: Home Savings Act

119-hr-7185, Home Savings Act, is a 119th Congress bill sponsored by Rep. McGuire, John J. [R-VA-5] (R-VA); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-hr-7185
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-7185
- Congress: 119
- Title: Home Savings Act
- Status: introduced
- Introduced: 2026-01-21
- Sponsor: Rep. McGuire, John J. [R-VA-5] (R-VA)
- Cosponsors: 5
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**A temporary tax break letting people tap retirement savings for a home down payment or closing costs.** This bill would create an income tax exclusion for distributions from certain retirement plans when the money is used to buy a principal residence. - Families and homebuyers: Would let an individual use retirement-plan withdrawals tax-free for a down payment or closing costs on their principal residence or that of an eligible relative. Eligible relatives include a spouse, a child, a grandchild, or an ancestor. - Retirement savers and accounts: The exclusion would apply across defined contribution plans, 403(b) annuities, individual retirement accounts, and eligible 457(b) plans. The bill sets rules to treat plan amounts consistently with existing distribution rules. - Timing and tax details: The exclusion would start for withdrawals in taxable years beginning after December 31, 2025 and would not apply to distributions in taxable years beginning after December 31, 2030. Transfers of these amounts to an eligible relative for a down payment or closing costs would not count as taxable gifts under current gift tax rules.

## Cosponsors (5)

- Rep. Weber, Randy K. Sr. [R-TX-14] (R-TX), 2026-01-30T00:00:00.000Z
- Rep. Collins, Mike [R-GA-10] (R-GA), 2026-02-11T00:00:00.000Z
- Rep. Harrigan, Pat [R-NC-10] (R-NC), 2026-02-20T00:00:00.000Z
- Rep. Crank, Jeff [R-CO-5] (R-CO), 2026-02-23T00:00:00.000Z
- Rep. Van Drew, Jefferson [R-NJ-2] (R-NJ), 2026-04-09T00:00:00.000Z

## Provisions PRIA read

- Lower taxes on home down-payment withdrawals: benefit, high. You would be able to exclude from your taxable income distributions from IRAs, defined contribution plans, 403(a)/403(b) plans, and eligible 457(b) plans when the money is used for a down payment or closing costs on a main home for you or an eligible relative. Eligible relatives are your spouse or…

## Related bills

- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-925: Dismantle DEI Act of 2025
- 119-hr-9237: Take Care of America’s Veterans Act
- 119-hr-1422: Enhanced Iran Sanctions Act of 2025
- 119-hr-9250: Great American Outdoors Act 250
- 119-hr-979: AM Radio for Every Vehicle Act of 2025

## Sources
- [119-hr-7185 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/7185)

## Related
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-925: Dismantle DEI Act of 2025](https://policyrisk.com/legislation/119-hr-925)
- [119-hr-9237: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-hr-9237)
- [119-hr-1422: Enhanced Iran Sanctions Act of 2025](https://policyrisk.com/legislation/119-hr-1422)
- [119-hr-9250: Great American Outdoors Act 250](https://policyrisk.com/legislation/119-hr-9250)
- [119-hr-979: AM Radio for Every Vehicle Act of 2025](https://policyrisk.com/legislation/119-hr-979)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-7185 (as of 2026-04-21).