Congress·In Committee·H.R. 3526
Uplifting First-Time Homebuyers Act of 2025
Retirement Savings for First-Time Homebuyers
Legislative Progress
House
Key Points
- This bill would allow people buying their first home to take more money out of their retirement accounts without paying a penalty. Currently, the law only lets you take out $10,000 for this purpose, but this change would raise that limit to $50,000.
- The plan aims to help people who are struggling to save enough for a down payment or closing costs. Since home prices have risen significantly, the current $10,000 limit often isn't enough to make a real dent in the cost of a new home.
- This change would apply to tax years starting after December 31, 2024. It is designed for first-time buyers, which generally includes anyone who has not owned a home in the last two years.
Impact Analysis
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Milestones
2 milestones2 actions
May 20, 2025
Referred to the House Committee on Ways and Means.
May 20, 2025
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Uplifting First-Time Homebuyers Act of 2025
Bill NumberHR 3526
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Ways and Means.
Data Sources
Sponsor
Cosponsors
(45)D: 29R: 16
Analysis generated by AI. Always verify with official sources.