First-Time Homebuyer Savings Act of 2026

This bill would create first-time homebuyer savings accounts under the federal tax code. People who have not owned a home (and whose spouse has not owned a home) in the past 3 years could deduct cash contributions to these accounts from their taxable income, up to $10,000 per year. The deduction would not be available to taxpayers with adjusted gross income over $200,000, or $400,000 for joint filers. Money taken out to buy or build a main home would not be taxed, while money used for other purposes would be taxed as income plus an extra 10 percent. After buying a home, account holders could move remaining funds into an individual retirement account within a set time period, or the account would close and the funds would be treated as paid out.

Full text and official record on Congress.gov

Sponsors

• Nancy Mace Republican sponsor
• 0 cosponsors