summary
Introduced
05/20/2025
05/20/2025
In Committee
05/20/2025
05/20/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes.
AI Summary
This bill, known as the "Uplifting First-Time Homebuyers Act of 2025", proposes to increase the limitation on qualified first-time homebuyer distributions from the Internal Revenue Code. Specifically, the bill amends Section 72(t)(8)(B)(i) to raise the maximum distribution amount from $10,000 to $50,000. In practical terms, this means that first-time homebuyers will now be able to withdraw up to $50,000 from certain retirement accounts (such as a 401(k) or IRA) without incurring the typical 10% early withdrawal penalty, which can help make home purchasing more accessible. The changes would take effect for taxable years beginning after December 31, 2024, giving potential homebuyers more financial flexibility when making a home purchase. The bill is a straightforward amendment designed to provide additional financial support for individuals trying to enter the housing market for the first time.
Committee Categories
Budget and Finance
Sponsors (44)
Beth Van Duyne (R)*,
Tom Barrett (R),
Nicholas Begich (R),
Wesley Bell (D),
Sanford Bishop (D),
Julia Brownley (D),
Ken Calvert (R),
Salud Carbajal (D),
Gil Cisneros (D),
Jim Costa (D),
Angie Craig (D),
Henry Cuellar (D),
Don Davis (D),
Bill Foster (D),
Robert Garcia (D),
Brandon Gill (R),
Laura Gillen (D),
Lance Gooden (R),
Al Green (D),
Jahana Hayes (D),
Ashley Hinson (R),
Wesley Hunt (R),
Julie Johnson (D),
George Latimer (D),
Ted Lieu (D),
Tracey Mann (R),
Sarah McBride (D),
Mariannette Miller-Meeks (R),
Jim Moylan (R),
Joe Neguse (D),
Jay Obernolte (R),
Johnny Olszewski (D),
Derek Schmidt (R),
Terri Sewell (D),
Brad Sherman (D),
Chris Smith (R),
Darren Soto (D),
Tom Suozzi (D),
Eric Swalwell (D),
Shri Thanedar (D),
Jeff Van Drew (R),
Eugene Vindman (D),
Randy Weber (R),
Rob Wittman (R),
Last Action
Referred to the House Committee on Ways and Means. (on 05/20/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/3526/all-info |
| BillText | https://www.congress.gov/119/bills/hr3526/BILLS-119hr3526ih.pdf |
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