Home Savings Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7185 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7185 To amend the Internal Revenue Code of 1986 to exclude from gross income certain retirement plan distributions used for a down payment or closing costs for a principal residence, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 21, 2026 Mr. McGuire 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 exclude from gross income certain retirement plan distributions used for a down payment or closing costs for a principal residence, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Home Savings Act''. SEC. 2. EXCLUSION FROM GROSS INCOME OF RETIREMENT PLAN DISTRIBUTIONS USED FOR A DOWN PAYMENT OR CLOSING COSTS FOR A PRINCIPAL RESIDENCE. (a) In …