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NEST Act: New Tax-Advantaged Savings Accounts for First-Time Homebuyers

This bill creates tax-deductible savings accounts to help citizens save for their first home. Funds in these accounts, including employer contributions, grow tax-free and are not taxed when used for qualified home-buying expenses.
Key points
Tax deductions for personal contributions to a first-time homebuyer savings account.
Employers can contribute to your account without those funds being taxed as income or employment taxes.
Tax-free withdrawals when used for down payments, closing costs, or home construction.
Savings limits are based on 20% of the median home price in your specific state.
A 20% tax penalty applies if funds are used for anything other than buying a first home.
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Status: Introduced
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Additional Information
Print number: 119_HR_7422
Sponsor: Rep. Cammack, Kat [R-FL-3]
Process start date: 2026-02-09
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

NEST Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_7422.

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 2026-02-09.

What are the main provisions?

Key points include:

  • Tax deductions for personal contributions to a first-time homebuyer savings account.
  • Employers can contribute to your account without those funds being taxed as income or employment taxes.
  • Tax-free withdrawals when used for down payments, closing costs, or home construction.
  • Savings limits are based on 20% of the median home price in your specific state.
  • A 20% tax penalty applies if funds are used for anything other than buying a 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. Cammack, Kat [R-FL-3].

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 2026-02-12.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

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