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Increased Tax Benefits for First-Time Homebuyers

This act doubles the amount first-time homebuyers can withdraw from certain retirement accounts without penalty. This means citizens can now use more of their savings to purchase their first home, potentially making homeownership more accessible.
Key points
The limit for first-time homebuyer withdrawals from retirement accounts increases from $10,000 to $20,000.
This change applies to tax years beginning after December 31, 2020.
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Expired
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Additional Information
Print number: 117_HR_4165
Sponsor: Rep. Van Duyne, Beth [R-TX-24]
Process start date: 2021-06-24
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Uplifting First-Time Homebuyers Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4165.

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 2021-06-24.

What are the main provisions?

Key points include:

  • The limit for first-time homebuyer withdrawals from retirement accounts increases from $10,000 to $20,000.
  • This change applies to tax years beginning after December 31, 2020.
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. Van Duyne, Beth [R-TX-24].

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 2025-12-28.

CATEGORIES

Taxes Real Estate