PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Jun 24, 2016
First-Time Homebuyer Savings Account Act of 2016
This bill amends the Internal Revenue Code to provide for tax-preferred savings accounts for first-time homebuyers. An individual may make up to $14,000 per year in after-tax contributions to the account, subject to a $50,000 lifetime contribution limit, a $150,000 limit on the fair market value of the account, and adjustments for inflation after 2017.
Distributions from the account that are used to pay the qualified principal residence purchase expenditures of the designated beneficiary are excluded from gross income. A "qualified principal residence purchase expenditure" is, with respect to a designated beneficiary who is a first-time homebuyer, any amount: (1) paid toward the purchase price of a principal residence of the beneficiary, (2) required to be paid to settle the purchase of such residence, or (3) required to be paid by the beneficiary to obtain acquisition indebtedness with respect to the residence.
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Excess contributions to the account, distributions that exceed the qualified principal residence purchase expenditures of the beneficiary, and distributions that are not used for first-time homebuyer purposes are subject to specified taxes.
People & committees
Rep. Coffman, Mike [R-CO-6] · R–CO
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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