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Tax-Exempt Savings Programs for Home Down Payments

This act establishes new tax-exempt savings programs to help citizens accumulate funds for a down payment on a home. This aims to make homeownership more accessible, especially for young people, low- and moderate-income individuals, and communities with historically low homeownership rates.
Key points
Allows creation of special tax-exempt savings accounts for down payments on a principal residence.
Contribution limit of $102,080 per account, adjusted annually for inflation.
Funds can be used for qualified down payment expenses, including closing costs.
Withdrawals not used for home purchase may be subject to income tax and an additional penalty.
States will be required to report on program effectiveness, including beneficiary demographics and account balances.
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Status:
Expired
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Additional Information
American Dream Down Payment Act of 2021
Print number: HR 1360
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Process start date: 2021-02-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Tax-Exempt Savings Programs for Home Down Payments

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is HR 1360.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-25.

What are the main provisions?

Key points include:

  • Allows creation of special tax-exempt savings accounts for down payments on a principal residence.
  • Contribution limit of $102,080 per account, adjusted annually for inflation.
  • Funds can be used for qualified down payment expenses, including closing costs.
  • Withdrawals not used for home purchase may be subject to income tax and an additional penalty.
  • States will be required to report on program effectiveness, including beneficiary demographics and account balances.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Meeks, Gregory W. [D-NY-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

Analysis and Potential Impact of HR 1360

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