CONGRESS FOR VOTERS

DemocratBill · H.R. 2748· House(119-HR-2748)

First Time Homeowner Savings Plan Act

Rep. Stevens
Age: 43 years
Michigan
Introduced
4/8/2025
Last activity
4/8/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Haley Stevens
Cosponsors
None
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "First Time Homeowner Savings Plan Act," seeks to amend the Internal Revenue Code of 1986. It aims to increase the amount of money that can be withdrawn from individual retirement plans without a penalty for first-time homebuyers. The proposal would raise the current limit from $10,000 to $25,000. Additionally, it includes a provision to adjust this new $25,000 limit for inflation starting after the year 2026. These changes would apply to distributions made on or after December 31, 2025.

Yes· 3 of 6

  • Does this make housing cost less?+4

    Increasing penalty-free withdrawals aids individuals in obtaining capital for their first home purchase.

  • Would people in their twenties and thirties be better off under this?+3

    The bill assists young adults who are looking to purchase their first homes.

  • Does this cut taxes for middle-income families?+3

    The bill reduces the tax penalty for individuals withdrawing retirement funds for homeownership.

The opposite

  • Would retired people be better off under this?-2

    The bill encourages the early withdrawal of retirement funds, which may impact long-term retirement security.