First-time Homebuyer Savings Account Act of 2026

This bill would create a new type of savings account for people who have not owned a home in the past three years. People could deduct the money they put into the account from their taxable income, up to the yearly limit that applies to individual retirement accounts (IRAs), with lower limits for higher earners. The account balance could not go above 20 percent of the national average single-family home price, which the Treasury would publish each year. Money taken out to buy, build, or repair a first home would not be taxed, while money used for other purposes would be taxed plus an extra 10 percent, except in certain cases such as job loss, major medical costs, or death.

Full text and official record on Congress.gov

Sponsors

• Tom Barrett Republican sponsor
• 0 cosponsors