This bill raises the limit on penalty-free withdrawals from retirement accounts for first-time homebuyers from $10,000 to $50,000. It takes effect for tax years beginning after December 31, 2024.
Who this affects
first-time homebuyers · tax filers
What changes is this bill making?
1The Act is called the Uplifting First-Time Homebuyers Act of 2025.
2It amends section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986.
3It increases the maximum qualified first-time homebuyer distribution from $10,000 to $50,000.
4The change applies to taxable years beginning after December 31, 2024.
