First-time Homebuyer Savings Account Act of 2026

House Bill

H.R. 7756

119th Congress

First-time Homebuyer Savings Account Act of 2026

In Committee

Introduced:Mar 3, 2026

Primary Sponsor

Tom Barrett

R - MI

Cosponsors

0

Quick Stats

Summary

This bill would create new tax-advantaged savings accounts specifically designed to help Americans save money for homeownership expenses. Similar to health savings accounts or 529 education plans, these accounts would allow people to set aside money with tax benefits to cover costs like down payments, repairs, or mortgage payments.

Latest Action

Referred to the House Committee on Ways and Means.

Introduced3/3/2026

StatusReferred to the House Committee on Ways and Means.

ChamberHouse

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Vote Prediction

First-time Homebuyer Savings Account Act of 2026

This bill would create new tax-advantaged savings accounts specifically designed to help Americans save money for homeownership expenses. Similar to health savings accounts or 529 education plans, these accounts would allow people to set aside money with tax b

Community Breakdown

Pass

0%

Fail

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0 predictions

This bill would create new tax-advantaged savings accounts specifically designed to help Americans save money for homeownership expenses. Similar to health savings accounts or 529 education plans, these accounts would allow people to set aside money with tax benefits to cover costs like down payments, repairs, or mortgage payments.

Bill Number: 7756
Introduced: 3/3/2026
Status: Referred to the House Committee on Ways and Means.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: First-time Homebuyer Savings Account Act of 2026
Bill Number: 7756
Sponsor: No sponsor
Status: Referred to the House Committee on Ways and Means.
Introduced: 3/3/2026
Summary: This bill would create new tax-advantaged savings accounts specifically designed to help Americans save money for homeownership expenses. Similar to health savings accounts or 529 education plans, these accounts would allow people to set aside money with tax benefits to cover costs like down payment

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would create new tax-advantaged savings accounts specifically designed to help Americans save money for homeownership expenses. Similar to health savings accounts or 529 education plans, these accounts would allow people to set aside money with tax benefits to cover costs like down payments, repairs, or mortgage payments.

Last updated: 3/4/2026

Key Points

Main provisions of the bill

Creates a new type of savings account with tax advantages specifically for homeownership-related expenses
Could help first-time homebuyers save for down payments in a more tax-efficient way
May also benefit current homeowners by providing tax breaks for saving toward maintenance, repairs, or mortgage costs
Currently has no cosponsors and is in the early stages of the legislative process in the House Ways and Means Committee

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily benefit aspiring homeowners trying to save for a down payment, as well as current homeowners looking to build reserves for maintenance and repairs. The tax advantages could make it easier for middle-class families to accumulate the substantial savings needed to enter the housing market or maintain their homes, though the specific eligibility requirements and contribution limits would determine how broad the impact would be.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

7756, 119th Congress (2026). "First-time Homebuyer Savings Account Act of 2026". Source: Voter's Right Platform. https://votersright.org/bills/119-hr-7756

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