HR 6542
First Home Savings Opportunity Act of 2025
Jurisdiction
US Congress
Session
119th Congress (2025-2026)
Last updated at
Jun 13, 2026, 4:11 PM
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The First Home Savings Opportunity Act of 2025 aims to help people afford their first home by allowing them to establish dedicated down payment savings accounts. Individuals can deduct contributions made to these accounts, up to a maximum of their earned income or $10,000 (or $20,000 for joint returns), with deductions phased out based on modified adjusted gross income. The act also establishes specific rules for these accounts, including trustee requirements and limitations on investments, and outlines how distributions for qualified down payment expenses are treated.
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Primary sponsor
Cosponsors
Eleanor Holmes [D-DC-At Large] Norton
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