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New Tax-Advantaged Savings Accounts for First-Time Homebuyers

This bill creates special savings accounts that allow individuals to save for their first home while reducing their taxable income. Money taken out for qualified housing expenses is tax-free.
Key points
Contributions to the account are tax-deductible.
No taxes on withdrawals used for buying, building, or repairing a first home.
Available to individuals who haven't owned a principal residence in the last three years.
Savings are capped at 20% of the national average single family home price.
A 10% penalty applies to non-housing withdrawals, except for exempted distributions like emergencies.
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Status:
Introduced
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Additional Information
Print number: 119_HR_7756
Sponsor: Rep. Barrett, Tom [R-MI-7]
Process start date: 2026-03-03
System Note: Lustra is free, publicly auditable civic infrastructure, with 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-3.1-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

First-time Homebuyer Savings Account Act of 2026

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_7756.

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 2026-03-03.

What are the main provisions?

Key points include:

  • Contributions to the account are tax-deductible.
  • No taxes on withdrawals used for buying, building, or repairing a first home.
  • Available to individuals who haven't owned a principal residence in the last three years.
  • Savings are capped at 20% of the national average single family home price.
  • A 10% penalty applies to non-housing withdrawals, except for exempted distributions like emergencies.
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. Barrett, Tom [R-MI-7].

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 2026-03-19.

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