HR7185Referred to Committee

Home Savings Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-01-21
Introduced
5
Cosponsors
HR
ⓘ
Type

Sponsor

John J. McGuire III
John J. McGuire III
Republican · VA · Representative
Votes with party: 94.3% (598 recorded votes)

Full profile: /officials/M001239

Source: Congress.gov · FEC

Cosponsors (5)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Ways and Means.

2026-01-21

Source: Congress.gov

Committee Activity

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Plain-English Summary

This bill would likely create or expand tax-advantaged savings accounts that allow people to set aside money for home purchases with reduced tax burdens. The proposal would help first-time homebuyers and others save for down payments or home-related expenses by offering tax breaks on contributions or earnings in these dedicated accounts. The specific details of which savings vehicles would be created or modified would depend on the bill's full text.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation
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Related legislation

Bills by the same sponsor or covering overlapping subjects.