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New tax-free 'American Dream Accounts' for first-time homebuyers

This bill creates tax-exempt savings accounts designed to help U.S. citizens save for their first home. Money saved in these accounts can be withdrawn tax-free when used to purchase a primary residence.
Key points
Annual contribution limits of $7,500, increasing to $10,000 for individuals aged 35 and older.
Tax-free withdrawals up to $500,000 for the purchase of a first home.
Homeowners must generally keep the property for at least 3 years to maintain the tax benefits.
Unused funds can be rolled over into Roth IRAs or transferred to family members' accounts.
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Status:
Introduced
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Additional Information
Print number: 119_S_4026
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2026-03-09
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-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

American Dream Accounts Act of 2026

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_4026.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2026-03-09.

What are the main provisions?

Key points include:

  • Annual contribution limits of $7,500, increasing to $10,000 for individuals aged 35 and older.
  • Tax-free withdrawals up to $500,000 for the purchase of a first home.
  • Homeowners must generally keep the property for at least 3 years to maintain the tax benefits.
  • Unused funds can be rolled over into Roth IRAs or transferred to family members' accounts.
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. Scott, Rick [R-FL].

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 2026-03-21.

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