Homeownership Savings Act

Referred to the House Committee on Ways and Means.

2026-05-07

The legislation would create special savings accounts that allow first-time homebuyers to set aside money tax-free specifically for down payments and closing costs on their first home purchase. People using these accounts could contribute a certain amount each year and withdraw the savings without paying taxes on the earnings, making it easier to save for homeownership. This would primarily benefit individuals and families working to afford their first home by reducing the tax burden on their savings.