To amend the Internal Revenue Code of 1986 to allow certain distributions from long-term qualified tuition programs for first home purchases, and for other purposes.

House Bill

H.R. 7468

119th Congress

To amend the Internal Revenue Code of 1986 to allow certain distributions from long-term qualified tuition programs for first home purchases, and for other purposes.

In Committee

Introduced:Feb 10, 2026

Primary Sponsor

Tracey Mann

R - KS

Cosponsors

0

Quick Stats

Summary

This bill would allow families to use money saved in 529 college savings plans to help with buying a first home, without facing tax penalties. Currently, these tax-advantaged accounts can only be used for education expenses, but this legislation would expand their purpose to include homeownership for first-time buyers.

Latest Action

Referred to the House Committee on Ways and Means.

Introduced2/10/2026

StatusReferred to the House Committee on Ways and Means.

ChamberHouse

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Vote Prediction

To amend the Internal Revenue Code of 1986 to allow certain distributions from long-term qualified tuition programs for first home purchases, and for other purposes.

This bill would allow families to use money saved in 529 college savings plans to help with buying a first home, without facing tax penalties. Currently, these tax-advantaged accounts can only be used for education expenses, but this legislation would expand t

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would allow families to use money saved in 529 college savings plans to help with buying a first home, without facing tax penalties. Currently, these tax-advantaged accounts can only be used for education expenses, but this legislation would expand their purpose to include homeownership for first-time buyers.

Bill Number: 7468
Introduced: 2/10/2026
Status: Referred to the House Committee on Ways and Means.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: To amend the Internal Revenue Code of 1986 to allow certain distributions from long-term qualified tuition programs for first home purchases, and for other purposes.
Bill Number: 7468
Sponsor: No sponsor
Status: Referred to the House Committee on Ways and Means.
Introduced: 2/10/2026
Summary: This bill would allow families to use money saved in 529 college savings plans to help with buying a first home, without facing tax penalties. Currently, these tax-advantaged accounts can only be used for education expenses, but this legislation would expand their purpose to include homeownership fo

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would allow families to use money saved in 529 college savings plans to help with buying a first home, without facing tax penalties. Currently, these tax-advantaged accounts can only be used for education expenses, but this legislation would expand their purpose to include homeownership for first-time buyers.

Last updated: 2/23/2026

Key Points

Main provisions of the bill

Expands the use of 529 college savings plans beyond education to include first-time home purchases
Would allow penalty-free withdrawals from these tax-advantaged accounts specifically for buying a first home
Could help young adults and families who have saved for education but also struggle with housing affordability
Maintains the 'long-term' requirement, meaning funds would need to have been in the account for a specified period before withdrawal for home purchase

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily benefit families who have contributed to 529 plans and first-time homebuyers facing affordability challenges. Young adults who have unused education savings or whose educational costs were lower than expected could redirect those funds toward homeownership. The change could provide thousands of dollars in down payment assistance for eligible families, though it may also reduce funds available for future educational expenses.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

7468, 119th Congress (2026). "To amend the Internal Revenue Code of 1986 to allow certain distributions from long-term qualified tuition programs for first home purchases, and for other purposes.". Source: Voter's Right Platform. https://votersright.org/bills/119-hr-7468

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