First-Time Homebuyer Savings Act of 2026

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8221 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8221 To amend the Internal Revenue Code of 1986 to establish first-time homebuyer savings accounts. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 9, 2026 Ms. Mace 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 establish first-time homebuyer savings accounts. 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 ``First-Time Homebuyer Savings Act of 2026''. SEC. 2. FIRST-TIME HOMEBUYER SAVINGS ACCOUNT. (a) In General.--Part VII of subchapter B of chapter 1 of subtitle A of the Internal Revenue Code of 1986 is amended by inserting after section 225 the following new section: ``SEC. 225A. FIRST-TIME HOMEBUYER SAVINGS ACCOUNT. ``(a) Deduction Allowed.--In the case of an eligible individual, the…