First-Time Homebuyer Savings Act of 2026

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8221 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8221 To amend the Internal Revenue Code of 1986 to establish first-time homebuyer savings accounts. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 9, 2026 Ms. Mace introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to establish first-time homebuyer savings accounts. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``First-Time Homebuyer Savings Act of 2026''. SEC. 2. FIRST-TIME HOMEBUYER SAVINGS ACCOUNT. (a) In General.--Part VII of subchapter B of chapter 1 of subtitle A of the Internal Revenue Code of 1986 is amended by inserting after section 225 the following new section: ``SEC. 225A. FIRST-TIME HOMEBUYER SAVINGS ACCOUNT. ``(a) Deduction Allowed.--In the case of an eligible individual, there shall be allowed as a deduction for the taxable year an amount equal to the aggregate amount paid in cash during such taxable year by or on behalf of such individual to a first-time homebuyer savings account of such individual. ``(b) Definitions.--For purposes of this section-- ``(1) First-time homebuyer savings account.--The term `first-time homebuyer savings account' means a trust created or organized in the United States as a first-time homebuyer savings account exclusively for the purpose of paying qualified homebuyer expenses of the account beneficiary, but only if the written governing instrument creating the trust meets the following requirements: ``(A) No contribution will be accepted-- ``(i) unless it is in cash, or ``(ii) if such contribution would result in aggregate contributions