S 2867
Uplifting First-Time Homebuyers Act of 2025
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill aims to make it easier for first-time homebuyers to access funds from their retirement accounts. It increases the amount that can be withdrawn from a qualified retirement plan – such as a 401(k) or IRA – for a first-time home purchase. Specifically, the bill raises the limit on these distributions from $10,000 to $50,000. The changes will take effect starting in 2025.
Key provisions
- Increases the qualified first-time homebuyer distribution limit from $10,000 to $50,000.
- Amends Section 72(t)(8)(B)(i) of the Internal Revenue Code.
- Applies to taxable years beginning after December 31, 2024.
Who is affected
- First-time homebuyers
- Retirement plan participants
- Individuals saving for a down payment
Notable changes
- Raises the existing limit on retirement account withdrawals for first-time home purchases.
Fiscal impact
null
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119th CONGRESS — 1st Session
S. 2867
IN THE SENATE OF THE UNITED STATES
A BILL
To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes.
This Act may be cited as the Uplifting First-Time Homebuyers Act of 2025
.
$10,000and inserting
$50,000.
The amendment made by this Act shall apply to taxable years beginning after December 31, 2024.