II
119th CONGRESS
1st Session
S. 2867
IN THE SENATE OF THE UNITED STATES
September 18 (legislative day, September 16), 2025
Mr. Gallego (for himself and Mr. Young) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, 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 Uplifting First-Time Homebuyers Act of 2025
.
Sec. 2. Increasing the limitation on qualified first-time homebuyer distributions
(a) In general
Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking $10,000
and inserting $50,000
.
(b) Effective date
The amendment made by this Act shall apply to taxable years beginning after December 31, 2024.