H.R. 2748

Summary

H.R. 2748, the First Time Homeowner Savings Plan Act, was introduced in the House on Apr 8, 2025 by Rep. Haley Stevens (D). It was referred to Ways And Means, and last saw action on Apr 8, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 2748 has no co-sponsors and has not gone to a roll call.

119 HR 2748 IH: First Time Homeowner Savings Plan Act
 U.S. House of Representatives
 2025-04-08
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 2748  IN THE HOUSE OF REPRESENTATIVES   April 8, 2025   Ms. Stevens  introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.
1.
Short title
This Act may be cited as the   First Time Homeowner Savings Plan Act  .
2.
Increase in limitation on penalty-free 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  $25,000 .
(b)
Inflation adjustment
Section 72(t)(8) of such Code is amended by adding at the end the following new subparagraph:
(G)
Inflation adjustment
In the case of any taxable year beginning in a calendar year after 2026, the $25,000 amount in subparagraph (B)(i) shall be increased by an amount equal to—
(i)
such dollar amount, multiplied by
(ii)
the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting  calendar year 2025  for  calendar year 2016  in subparagraph (A)(ii) thereof.
 Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100.
 .
(c)
Effective date
The amendments made by this section shall apply to distributions made December 31, 2025, in taxable years ending after such date.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.

Sponsors

Rep. Haley Stevens (D) sponsors H.R. 2748 alone.

Haley Stevens

Rep. · D–MI-11 · Sponsor

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Committees

H.R. 2748 went before 1 committee: Ways and Means.

Ways and Means

Ways and Means

Referred To · Apr 8, 2025 · 1,160 Bills

Actions

H.R. 2748 has taken 2 actions since Apr 8, 2025.

Votes

H.R. 2748 has not gone to a roll call.

Titles

H.R. 2748 goes by 3 titles, 1 of them short titles.

• First Time Homeowner Savings Plan Act — Display Title
• First Time Homeowner Savings Plan Act — Short Title(s) as Introduced
• To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions. — Official Title as Introduced

Lobbying

2 clients hired 2 firms and 8 registered lobbyists who named H.R. 2748 in 3 quarterly filings, 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Financial Institutions/Investments/Securities, Insurance, Taxation/Internal Revenue Code, Consumer Issues/Safety/Products, Retirement, Trade (domestic/foreign), Banking, Budget/Appropriations.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files H.R. 2748 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 2748’s is Taxation.

Source: congress.gov · legiscan.com