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Increased support for first-time homebuyers: higher retirement account withdrawals.

This act raises the amount first-time homebuyers can withdraw from retirement accounts without penalty, from $10,000 to $50,000. This aims to make it easier for citizens to gather funds for a down payment, potentially accelerating their purchase of a home. These changes will apply to taxable years beginning after December 31, 2024.
Key points
Increased limit for penalty-free retirement account withdrawals for first-time homebuyers from $10,000 to $50,000.
Facilitates access to down payment funds for individuals purchasing their first home.
Changes are effective for taxable years beginning after December 31, 2024.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_2867
Sponsor: Sen. Gallego, Ruben [D-AZ]
Process start date: 2025-09-18
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_S_2867.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-09-18.

What are the main provisions?

Key points include:

  • Increased limit for penalty-free retirement account withdrawals for first-time homebuyers from $10,000 to $50,000.
  • Facilitates access to down payment funds for individuals purchasing their first home.
  • Changes are effective for taxable years beginning after December 31, 2024.
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 Sen. Gallego, Ruben [D-AZ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Taxes Real Estate Benefits