HR 7185
Home Savings Act
Jurisdiction
US Congress
Session
119th Congress (2025-2026)
Last updated at
Jun 14, 2026, 3:46 AM
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Home Savings Act amends the Internal Revenue Code to allow individuals to exclude from their income distributions from certain retirement plans – including 402, 403, 408, and 457 plans – if those distributions are used for a down payment or closing costs on a principal residence, either for the individual or an eligible relative. These changes would apply to distributions made after December 31, 2030, and to distributions made after December 31, 2025 for the effective date of the bill. The bill also includes provisions regarding gift tax treatment for these transfers.
Sponsors
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Primary sponsor
John J. McGuire
Cosponsors
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