House Bill Would Let First-Time Buyers Tap 529 College Savings Accounts Penalty-Free
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3 articlesNew Bill Lets First-Time Homebuyers Tap 529 Plans
New legislation would allow first-time homebuyers to tap 529 plans to purchase a home. The bill would amend the Internal Revenue Code to include 'qualified housing expenses' like closing costs and mortgage payments as eligible distributions for those who haven't owned a home in three years.
New Bill Would Allow Homebuyers to Put Unused College Savings Toward a Down Payment
The First-Time Homebuyer Empowerment Act (H.R. 7468) would enable families to put up to $35,000 in unused college savings from 529 plans toward a first home purchase. The bipartisan bill is designed to help the next generation achieve homeownership by tapping into existing tax-advantaged savings.
Rep. Mann leads bipartisan bill to help first time home buyers
U.S. Rep. Tracey Mann and a bipartisan coalition introduced the First-Time Homebuyer Empowerment Act to allow the use of leftover 529 plan funds tax-free for home purchases. Supporters include the National Association of Realtors and the National Association of Homebuilders.
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