To amend the Internal Revenue Code of 1986 to establish tax-advantaged homeowner savings accounts.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7756 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7756 To amend the Internal Revenue Code of 1986 to establish tax-advantaged homeowner savings accounts. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 3, 2026 Mr. Barrett 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 tax-advantaged homeowner 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 Account Act of 2026''. SEC. 2. HOMEOWNER 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. HOMEOWNER 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 homeowner savings account of such individual. ``(b) Definitions.--For purposes of this section-- ``(1) Homeowner savings account.--The term `homeowner savings account' means a trust created or organized in the United States as a homeowner savings account exclusively for the purpose of paying qualified homeowner expenses of the account beneficiary, but only if the written governing instrument creating the trust meets the following requirements: ``(A) Except in the case of a rollover contribution, no contribution will be accepted-- ``(i) unless it is in cash, ``(ii) to the extent such contribution, when added to previous contribu