What does Preamble of First-Time Homebuyer Savings Act of 2026 do?

This bill proposes to amend the Internal Revenue Code of 1986. The stated purpose of the bill is to establish first-time homebuyer savings accounts.

What does SHORT TITLE. of First-Time Homebuyer Savings Act of 2026 do?

This bill is formally titled the First-Time Homebuyer Savings Act of 2026.

What does FIRST-TIME HOMEBUYER SAVINGS ACCOUNT. of First-Time Homebuyer Savings Act of 2026 do?

This section amends the Internal Revenue Code to establish a 'First-Time Homebuyer Savings Account'. Eligible individuals can deduct contributions made to such accounts. A 'first-time homebuyer savings account' is defined as a trust meeting specific requirements, including limitations on contributions and investment types. An 'eligible individual' is defined as someone who had no ownership interest in a residential property during the three years prior. Qualified homebuyer expenses include purchasing or constructing a principal residence. The contribution limit to all accounts for an individual is $10,000 annually. Individuals with adjusted gross incomes exceeding $200,000 are ineligible for the deduction. Distributions used for qualified homebuyer expenses are not included in gross income. Distributions not used for qualified expenses are included in gross income and subject to a 10% tax penalty. The Secretary of the Treasury must publish an estimated national average price of a single-family home annually.

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First-Time Homebuyer Savings Act of 2026

Last updated: 4/9/2026 · Introduced: 4/9/2026

Author: Nancy Mace (R-SC)

TL;DR (AI)

This bill establishes First-Time Homebuyer Savings Accounts, allowing eligible individuals to deduct contributions up to $10,000 annually.
Distributions from these accounts used for purchasing or constructing a principal residence are tax-free, while non-qualified distributions are taxed as income with a 10% penalty.
The bill defines an 'eligible individual' as someone without residential property ownership in the three years prior and requires the Treasury Secretary to publish an annual national average home price.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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