Homeownership Savings Act
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Summary
The Homeownership Savings Act amends the Internal Revenue Code to establish tax-advantaged homeownership savings accounts for first-time homebuyers. Individuals may contribute up to $2,000–$3,000 annually (depending on filing status) to these accounts, with a lifetime contribution limit of $40,000, and deduct contributions from taxable income subject to income phase-out limits. Distributions used exclusively for down payments or closing costs on a primary residence are tax-free; distributions for other purposes are taxed as income plus a 20 percent penalty, with exceptions for death or disability.
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How your representatives voted
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