Uplifting First-Time Homebuyers Act of 2025

Bill: 119-s-2867
Sponsor: full_name: Sen. Gallego, Ruben [D-AZ]
Introduced: 2025-09-18
Latest action: action_date: 2025-09-18
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 119th CONGRESS 1st Session S. 2867 IN THE SENATE OF THE UNITED STATES September 18 (legislative day, September 16), 2025 Mr. Gallego (for himself and Mr. Young ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes.

1. Short title This Act may be cited as the Uplifting First-Time Homebuyers Act of 2025 . 2. Increasing the limitation on qualified first-time homebuyer distributions (a) In general Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking $10,000 and inserting $50,000 . (b) Effective date The amendment made by this Act shall apply to taxable years beginning after December 31, 2024.