In CommitteeFiled Jan 21, 2026
Sponsor: Rep. McGuire, John J. [R-VA-5] (R)
Latest Action
Referred to the House Committee on Ways and Means.
Jan 21, 2026
Summary
The Home Savings Act would let workers and certain family members exclude from federal income tax any portion of a retirement‑plan distribution that is used to pay a down payment or closing costs on their principal home. The exclusion applies to defined‑contribution, annuity, individual retirement, and 457(b) plans for distributions made after 2025, but ends for withdrawals after 2030. This change aims to make it easier for people to use retirement savings to buy a home without a tax penalty.
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