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Higher Retirement Savings Withdrawal for First Home Without Penalty

New rules make it easier to use money from retirement plans to buy a first home. They increase the amount you can withdraw without extra fees, helping with down payments.
Key points
The penalty-free withdrawal limit from retirement plans for a first home increases from $10,000 to $25,000.
Starting in 2023, this limit will be adjusted annually for inflation.
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Expired
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Additional Information
Print number: 117_HR_5078
Sponsor: Rep. Maloney, Sean Patrick [D-NY-18]
Process start date: 2021-08-23
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

First Time Homeowner Savings Plan Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5078.

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 2021-08-23.

What are the main provisions?

Key points include:

  • The penalty-free withdrawal limit from retirement plans for a first home increases from $10,000 to $25,000.
  • Starting in 2023, this limit will be adjusted annually for inflation.
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. Maloney, Sean Patrick [D-NY-18].

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