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Increased Tax Relief for First-Time Homebuyers

This act increases the amount first-time homebuyers can withdraw from retirement accounts without penalty. Instead of $10,000, individuals will be able to withdraw up to $50,000. This change aims to make it easier for citizens to gather funds for a down payment and purchase their first home, potentially significantly impacting their personal finances and housing accessibility.
Key points
The limit for retirement account withdrawals for first-time home purchases increases from $10,000 to $50,000.
The changes apply to taxable years beginning after December 31, 2024.
Facilitates access to down payment funds for individuals buying their first home.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_3526
Sponsor: Rep. Van Duyne, Beth [R-TX-24]
Process start date: 2025-05-20
Lustra uses Artificial Intelligence. Verify details in source documents.
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 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_3526.

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 2025-05-20.

What are the main provisions?

Key points include:

  • The limit for retirement account withdrawals for first-time home purchases increases from $10,000 to $50,000.
  • The changes apply to taxable years beginning after December 31, 2024.
  • Facilitates access to down payment funds for individuals buying their first home.
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. 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 2025-12-22.

CATEGORIES

Taxes Real Estate