Rep. Stevens Introduces Bill to Create Tax-Free Savings Accounts for First-Time Homebuyers
The Homeownership Savings Act is currently in the early stages of the legislative process. It was recently sent to the House Committee on Ways and Means for review. There are no upcoming votes scheduled at this time.
While housing affordability is a popular issue, standalone tax bills from the minority party often struggle to move through committee without being part of a larger package.
Small business owners who have never owned a home could use these accounts to save for their first home with tax benefits. Additionally, small employers could offer contributions to these accounts as a workplace benefit to attract and retain employees, similar to how employers offer 401(k) matches. This creates a new tool for small businesses competing for talent against larger firms.
“gross income does not include amounts contributed by such account beneficiary's employer to any homeownership savings account”
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
No related news coverage found for this legislation yet.
Document Type
Congressional Bill
Official Title
Homeownership Savings Act
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