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First Time Homeowner Savings Plan Act
To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.
Summary
This bill increases the amount that first-time homebuyers can withdraw from individual retirement accounts (IRAs) without penalty, raising the limit from $10,000 to $25,000. The $25,000 amount would be automatically adjusted annually for inflation starting in 2026, rounded to the nearest $100. The change would apply to distributions made after December 31, 2025, in taxable years ending after that date. This allows first-time homebuyers to access more retirement savings for down payments or home purchase costs without incurring early withdrawal penalties.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Apr 8, 2025 Referred to the House Committee on Ways and Means. · house
- Apr 8, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
April 8, 2025
Ms. Stevens introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “First Time Homeowner Savings Plan Act”.
SEC. 2. INCREASE IN LIMITATION ON PENALTY-FREE FIRST-TIME HOMEBUYER DISTRIBUTIONS.
(a) In General.—Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking “$10,000” and inserting “$25,000”.
(b) Inflation Adjustment.—Section 72(t)(8) of such Code is amended by adding at the end the following new subparagraph:
“(G) Inflation adjustment.—In the case of any taxable year beginning in a calendar year after 2026, the $25,000 amount in subparagraph (B)(i) shall be increased by an amount equal to—
“(i) such dollar amount, multiplied by
“(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2025’ for ‘calendar year 2016’ in subparagraph
(A)(ii) thereof. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100.”.
(c) Effective Date.—The amendments made by this section shall apply to distributions made December 31, 2025, in taxable years ending after such date. <all>
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