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Increased Tax Benefits for First-Time Homebuyers

This act increases the amount first-time homebuyers can withdraw from certain retirement accounts without penalty. This change aims to make it easier to gather more funds for a down payment, potentially assisting in property purchase. The new rules apply to tax years beginning after December 31, 2022.
Key points
The limit for first-time homebuyer withdrawals from retirement accounts increases from $10,000 to $30,000.
A larger penalty-free amount can make it easier to finance the purchase of a first home.
The changes are effective for income earned from 2023 onwards.
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Additional Information
Print number: 118_HR_1052
Sponsor: Rep. Van Duyne, Beth [R-TX-24]
Process start date: 2023-02-14
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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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1052.

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 2023-02-14.

What are the main provisions?

Key points include:

  • The limit for first-time homebuyer withdrawals from retirement accounts increases from $10,000 to $30,000.
  • A larger penalty-free amount can make it easier to finance the purchase of a first home.
  • The changes are effective for income earned from 2023 onwards.
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 2025-12-24.

CATEGORIES

Taxes Real Estate Benefits