HR 2748 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
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To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.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
- Increases the maximum amount first-time homebuyers can withdraw penalty-free from individual retirement plans from $10,000 to $25,000.
- Adds automatic annual adjustments to the $25,000 limit starting in 2026 to account for inflation, rounded to the nearest $100.
- Applies to distributions made after December 31, 2025, in taxable years ending after that date.
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)
-
![Rep. Stevens, Haley M. [D-MI-11]](https://media.civicgate.org/people/d/politicians/S001215.thumb.jpg)
Rep. Stevens, Haley M. (D-MI) [#11]
Money behind the sponsor
Top reported contributors to Haley M. Stevens’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- Employer not reported $29,100
- GARDNER-WHITE $9,900
- MESIROW FINANCIAL $9,500
- BLACKSTONE $8,100
- DLA PIPER $7,750
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Haley M. Stevens → · Outside spending →
Actions (2)
- Apr 8, 2025 Referred to the House Committee on Ways and Means. · house
- Apr 8, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
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To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.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>
Comments