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S 2867
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Uplifting First-Time Homebuyers Act of 2025

To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes.

Introduced Sep 18, 2025

Latest action (Sep 18, 2025) Read twice and referred to the Committee on Finance.

Referred to
Finance Committee
Policy area
Taxation
Issues
Economy & Taxes

Summary

This bill amends tax law to increase the amount of money first-time homebuyers can withdraw from their retirement accounts for home purchases. The current limit of $10,000 would be increased to $50,000. This change applies to taxable years beginning after December 31, 2024. The increased withdrawal limit allows first-time homebuyers to access more retirement savings to help fund their home purchase.

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)
1 cosponsor

Actions (2)
  1. Sep 18, 2025 Read twice and referred to the Committee on Finance. · senate
  2. Sep 18, 2025 Introduced in Senate

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.

  • HR 2748 — First Time Homeowner Savings Plan Act · Introduced Apr 8, 2025 · Cong. 119 74%
  • HR 6542 — First Home Savings Opportunity Act of 2025 · Introduced Dec 9, 2025 · Cong. 119 73%
  • HR 3526 — Uplifting First-Time Homebuyers Act of 2025 · Introduced May 20, 2025 · Cong. 119 72%
  • HR 7756 — First-time Homebuyer Savings Account Act of 2026 · Introduced Mar 3, 2026 · Cong. 119 71%
  • HR 8709 — Homeownership Savings Act · Introduced May 7, 2026 · Cong. 119 71%
  • HR 7468 — First-Time Home Buyer Empowerment Act · Introduced Feb 10, 2026 · Cong. 119 68%

Full text

IN THE SENATE OF THE UNITED STATES

September 18 (legislative day, September 16), 2025

Mr. Gallego (for himself and Mr. Young) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes.

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 “Uplifting First-Time Homebuyers Act of 2025”.

SEC. 2. INCREASING THE LIMITATION ON QUALIFIED 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 “$50,000”.

(b) Effective Date.—The amendment made by this Act shall apply to taxable years beginning after December 31, 2024. <all>

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