Save for Success Act

This bill would change federal tax law so that money taken out of a 529 college savings plan can be used to buy a first home without being taxed as income. The money must be used by the plan's beneficiary for the purchase of a main home, including closing costs and mortgage payments for that purchase. The beneficiary must be a first-time homebuyer, meaning they (and their spouse, if married) did not own a main home during the 3 years before the purchase. The change would apply to withdrawals made after December 31, 2026.

Full text and official record on Congress.gov

Sponsors

• Jimmy Patronis Republican sponsor
• 2 cosponsors