Referred to the House Committee on Ways and Means.
Creates a new tax-preferred "homeownership savings account" (section 223A) allowing above-the-line deductions for cash contributions to accounts used only for down payments and closing costs by first-time homebuyers.
Annual deduction limits ($3,000 joint, $2,500 head of household, $2,000 single) apply, with a $40,000 lifetime contribution cap, MAGI phaseouts, earned-income limits, and age 18 minimum.
Qualified distributions for purchase are tax-free; nonqualified distributions are includible in income and generally subject to a 20% penalty.
Policy is narrow and politically popular but creates permanent revenue loss; more likely as part of a larger package than standalone.
Relative to its intended legislative type, this bill is a well-specified statutory enactment of a new tax‑favored account. It contains extensive, specific changes to the Internal Revenue Code, thoughtful integration with existing sections, and numerous rules addressing contribution limits, distributions, and reporting.
Distributional impact: liberals worry about regressivity; conservatives emphasize saving.
Distributional impact: liberals worry about regressivity; conservatives emphasize saving.
Generally supportive of measures that help first-time buyers save, but cautious about distributional effects.
Sees value in targeting down-payment assistance but worries deductions often favor higher-income households and may not address broader housing affordability.
Sees this as a modest, administrable incentive to encourage private saving for first homes.
Wants clarity on fiscal cost, administrative burden, and whether it actually increases homeownership versus inflating prices.
Generally favorable as a pro-savings, pro-homeownership, market-oriented incentive that uses tax policy to encourage private behavior.
Some caution about adding new tax expenditures and potential housing market distortions.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Policy is narrow and politically popular but creates permanent revenue loss; more likely as part of a larger package than standalone.
The bill has not accumulated any surfaced votes yet.
Distributional impact: liberals worry about regressivity; conservatives emphasize saving.
Policy is narrow and politically popular but creates permanent revenue loss; more likely as part of a larger package than standalone.
Relative to its intended legislative type, this bill is a well-specified statutory enactment of a new tax‑favored account. It contains extensive, specific changes to the Internal Revenue Code, thoughtful integration wit…
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