A Republican bill with 5 Republican cosponsors · See all 5 cosponsors
Last activity — Referred to the House Committee on Ways and Means.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
The Home Savings Act aims to amend the Internal Revenue Code of 1986 regarding retirement plan distributions. It seeks to exclude certain distributions from gross income if they are used for a down payment or closing costs for a principal residence. This benefit applies to the individual or an eligible relative, such as a spouse, child, grandchild, or ancestor. The provisions cover defined contribution plans, certain annuity plans, individual retirement plans, and 457(b) plans. Additionally, these transfers to eligible relatives would not be treated as gifts for tax purposes. The specified exclusions are set to expire for distributions made in taxable years after December 31, 2030.
Yes· 3 of 6
- Scored +5
Would people in their twenties and thirties be better off under this?
The bill helps younger generations acquire homes by allowing parents or grandparents to transfer retirement funds for down payments without gift tax consequences.
- Scored +5
Would middle-income households be better off under this?
Middle-income families can access retirement savings for home purchases without being taxed on the distribution as gross income.
- Scored +5
Does this cut taxes for middle-income families?
The bill excludes certain retirement plan distributions from gross income when used for home down payments or closing costs.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Tax Exclusion for Home Buyers: Distributions from defined contribution plans used for down payments or closing costs on a principal residence are not included in gross income (Section 2(a)(1)). This could help individuals acquire a home more easily.
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Support for Families: The bill allows these tax-advantaged distributions to be used for the principal residence of an "eligible relative," which includes a spouse, child, grandchild, or ancestor (Section 2(a)(1)(2)(A)).
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Simplified Family Transfers: When an employee or individual transfers these distributions to an eligible relative for a home purchase, it is not treated as a gift for purposes of section 2503(a) (Section 2(a)(1)(4) and Section 2(a)(3)(D)).
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Broad Coverage of Retirement Plans: The exclusion applies to various types of accounts, including defined contribution plans, certain annuity plans, individual retirement plans, and 457(b) plans (Section 2(a)(1), (2), (3), and (4)).
Potential Negative Impacts for People
- Time Limitation on Benefits: The tax exclusions and special gift tax treatments are not permanent; they do not apply to distributions made in taxable years beginning after December 31, 2030 (Section 2(a)(1)(5), (2)(2), (3)(E), and (4)(B)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would middle-income households be better off under this? — Middle-income families can access retirement savings for home purchases without being taxed on the distribution as gross income. Would people in their twenties and thirties be better off under this? — The bill helps younger generations acquire homes by allowing parents or grandparents to transfer retirement funds for down payments without gift tax consequences. Would people over 65 be better off under this? — The bill allows seniors to use their retirement distributions for the benefit of their children or grandchildren's home purchases without incurring gift taxes.
- Economy And Finance
- Does this cut taxes for middle-income families? — The bill excludes certain retirement plan distributions from gross income when used for home down payments or closing costs. Is this likely to grow the economy? — By facilitating home ownership through tax exclusions, the bill may stimulate residential real estate activity.
- Social Issues And Justice
- Does this make housing cost less? — The bill assists individuals and their relatives in acquiring a principal residence by providing tax-free access to retirement funds for down payments.
- 4/9/2026
- 1 Cosponsor added.
- 2/23/2026
- 1 Cosponsor added.
- 2/20/2026
- 1 Cosponsor added.
- 2/11/2026
- 1 Cosponsor added.
- 1/30/2026
- 1 Cosponsor added.
- 1/21/2026
- Referred to the House Committee on Ways and Means.
- Introduced in House
Mike CollinsRepublican · Georgia
Jeff CrankRepublican · Colorado
Pat HarriganRepublican · North Carolina
Jefferson Van DrewRepublican · New Jersey
Randy WeberRepublican · Texas