# 119-hr-9480: To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to home savings accounts, and for other purposes.

119-hr-9480, To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to home savings accounts, and for other purposes., is a 119th Congress bill sponsored by Rep. Perry, Scott [R-PA-10] (R-PA); status introduced; PRIA reads it as touching household money (as of 2026-07-11).

- Canonical: https://policyrisk.com/legislation/119-hr-9480
- As of: 2026-07-11
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-9480
- Congress: 119
- Title: To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to home savings accounts, and for other purposes.
- Status: introduced
- Introduced: 2026-06-25
- Sponsor: Rep. Perry, Scott [R-PA-10] (R-PA)
- Cosponsors: 0
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-07-11

## Summary

**Creates Home Savings Accounts** that would let people save for a principal residence with a targeted tax deduction and tax-free distributions for qualified housing expenses. The accounts set contribution caps, trustee rules, rollover limits, and penalties for nonqualified withdrawals.

## Provisions PRIA read

- New tax break for home savings: mixed, high. This bill would let you deduct cash you put into a home savings account up to $10,000 ($20,000 if married filing jointly) each year. Distributions used to buy your main home or to pay extra mortgage principal would be excluded from income. Money taken out for other reasons would be taxable and usua…
- Rules for home savings accounts: mixed, medium. This bill would create U.S. trust-based home savings accounts with trustee and investment rules. Trustees would have new reporting duties and could face penalties for missing reports. If an account stops qualifying or terminates, amounts can be treated as taxable distributions. A surviving spouse w…
- Transfers, rollovers, and excess penalties: mixed, medium. This bill would allow a one-time, irrevocable trustee-to-trustee transfer from an IRA to a home savings account and exclude that transfer from income (limited to the account dollar cap). It would allow a 60-day rollover to another home savings account to avoid tax, subject to a one-per-year restric…

## Related bills

- 119-hr-3330: Energy Freedom Act
- 119-hr-25: FairTax Act of 2025
- 119-hr-8324: Great American Healthcare Plan
- 119-hr-9200: Secure the Border Act of 2026
- 119-hr-9199: Permanent Trump Secure Border Act
- 119-hr-7816: Protect Liberty and End Warrantless Surveillance Act of 2026

## Sources
- [119-hr-9480 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/9480)

## Related
- [119-hr-3330: Energy Freedom Act](https://policyrisk.com/legislation/119-hr-3330)
- [119-hr-25: FairTax Act of 2025](https://policyrisk.com/legislation/119-hr-25)
- [119-hr-8324: Great American Healthcare Plan](https://policyrisk.com/legislation/119-hr-8324)
- [119-hr-9200: Secure the Border Act of 2026](https://policyrisk.com/legislation/119-hr-9200)
- [119-hr-9199: Permanent Trump Secure Border Act](https://policyrisk.com/legislation/119-hr-9199)
- [119-hr-7816: Protect Liberty and End Warrantless Surveillance Act of 2026](https://policyrisk.com/legislation/119-hr-7816)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-9480 (as of 2026-07-11).