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Increased Penalty-Free Withdrawals for First-Time Homebuyers

This new law raises the amount first-time homebuyers can withdraw from their retirement plans without penalty. The limit increases from $10,000 to $25,000. This amount will also be adjusted for inflation, helping future homeowners cope with rising costs.
Key points
The penalty-free withdrawal limit from retirement plans for first-time homebuyers increases from $10,000 to $25,000.
The $25,000 amount will be adjusted annually for inflation starting in 2026.
These changes apply to withdrawals made after December 31, 2025.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2748
Sponsor: Rep. Stevens, Haley M. [D-MI-11]
Process start date: 2025-04-08
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
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 119_HR_2748.

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 2025-04-08.

What are the main provisions?

Key points include:

  • The penalty-free withdrawal limit from retirement plans for first-time homebuyers increases from $10,000 to $25,000.
  • The $25,000 amount will be adjusted annually for inflation starting in 2026.
  • These changes apply to withdrawals made after December 31, 2025.
What is the specific legal status?

The current status is Introduced.

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. Stevens, Haley M. [D-MI-11].

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 2025-12-22.

CATEGORIES

Taxes Real Estate