Bill · S. 2867· Senate(119-S-2867)
Uplifting First-Time Homebuyers Act of 2025
- Introduced
- 9/18/2025
- Last activity
- 9/18/2025 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Ruben Gallego
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
The Uplifting First-Time Homebuyers Act of 2025 is a bill that intends to change the Internal Revenue Code of 1986. It increases the limit for qualified first-time homebuyer distributions. The limit is being changed from $10,000 to $50,000. This change would apply to taxable years starting after December 31, 2024.
Yes· 3 of 16
Would people in their twenties and thirties be better off under this?+8
Young adults are the primary demographic for first-time homebuying.
Would middle-income households be better off under this?+7
Provides significant financial flexibility for middle-class families buying their first home.
Would households on low incomes be better off under this?+6
Increases the usable funds available for a down payment from retirement savings.
The opposite
Would retired people be better off under this?-2
Encourages the depletion of retirement savings, which could be risky for long-term security.
Does this reduce what the federal government owes?-1
Increasing tax-free or penalty-free distributions may slightly reduce tax revenue.
Who it would affect, and how
Potential Positive Impacts for People
- Increased Homebuyer Distributions: By striking "$10,000" and inserting "$50,000" in Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986, first-time homebuyers can access a larger amount of funds for their home purchase.
Potential Negative Impacts for People
- No negative impacts for people are explicitly mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Young Adults+8Good For Middle Class Households+7Good For Low Income Households+6Good For African Americans+4Good For Asian Americans+4Good For Hispanic Americans+4Good For Middle Aged+4Good For Native Americans+4Good For White Americans+4Good For High Income Households+1Good For Retirees-2
- Social Issues And Justice
- Improves Affordable Housing+6Reduces Homelessness+3Improves Poverty Reduction+2Improves Racial Equity+2
- Economy And Finance
- Reduces Middle Class Taxes+5Improves Economic Growth+2Reduces National Debt-1
- 9/18/2025
- Read twice and referred to the Committee on Finance.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Todd YoungRepublican · Indiana