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Using Long-Term Education Savings for First-Time Home Purchases

This bill allows individuals to use up to $35,000 from their long-term 529 education savings accounts to buy their first home tax-free. It helps young adults repurpose unused college funds for a down payment on a house.
Key points
Tax-free withdrawal of up to $35,000 from a 529 account for a first-time home purchase.
The 529 account must have been open for at least 15 years prior to the distribution.
Funds must be spent on the home purchase within 60 days of withdrawal.
The home must remain the primary residence for 5 years to keep the full tax benefit.
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Status: Introduced
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Additional Information
Print number: 119_HR_7468
Sponsor: Rep. Mann, Tracey [R-KS-1]
Process start date: 2026-02-10
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

First-Time Home Buyer Empowerment Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_7468.

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 2026-02-10.

What are the main provisions?

Key points include:

  • Tax-free withdrawal of up to $35,000 from a 529 account for a first-time home purchase.
  • The 529 account must have been open for at least 15 years prior to the distribution.
  • Funds must be spent on the home purchase within 60 days of withdrawal.
  • The home must remain the primary residence for 5 years to keep the full tax benefit.
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. Mann, Tracey [R-KS-1].

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 2026-02-23.

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.

CATEGORIES

Taxes Real Estate Education