First Time Homeowner Savings Plan Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- House
- Sponsor
- 1
- Latest action
- Apr 8, 2025
What it does
The bill would increase the penalty-free withdrawal limit from individual retirement plans for first-time homebuyers from $10,000 to $25,000, with future adjustments for inflation starting in taxable years after 2026. It would affect individuals making withdrawals from retirement accounts to purchase their first home, allowing them to access more funds without incurring the early withdrawal penalty. The change would apply to distributions made after December 31, 2025. The bill also establishes an annual inflation adjustment mechanism tied to the cost-of-living adjustment, rounded to the nearest $100.
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.