Bill > HR9994

This bill, the First Time Homeowner Savings Plan Act, proposes to increase the amount that can be withdrawn without penalty from individual retirement plans (IRAs) as first-time homebuyer distributions from $10,000 to $25,000. It also includes an inflation adjustment provision to increase this limit annually starting in 2025 based on the consumer price index. The changes in this bill are intended to help first-time homebuyers access more of their retirement savings to put towards a down payment on a home.