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119-s-2867119th CongressWALLET

Uplifting First-Time Homebuyers Act of 2025

Sponsored By: Senator Gallego, Ruben [D-AZ]

Introduced

Summary

Raise the cap on qualified first-time homebuyer distributions to $50,000. This bill would amend Internal Revenue Code section 72(t)(8)(B)(i) to increase the limit on qualified first-time homebuyer distributions from $10,000 to $50,000. The change would apply to taxable years beginning after December 31, 2024.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Withdraw up to $50,000 for first home

If enacted, you would be able to withdraw up to $50,000 from a retirement account to buy your first home. This would raise the current $10,000 cap to $50,000 for qualified first-time homebuyer distributions. It would only apply if the withdrawal meets the 'qualified first-time homebuyer distribution' rules. The change would apply for taxable years beginning after December 31, 2024.

Sponsors & CoSponsors

Sponsor

Gallego, Ruben [D-AZ]

AZ • D

Cosponsors

  • Sen. Young, Todd [R-IN]

    IN • R

    Sponsored 9/18/2025

Roll Call Votes

No roll call votes available for this bill.

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