What is the current status of HR 6542?

HR 6542 is currently: Introduced.

Who sponsored HR 6542?

HR 6542 was sponsored by Suhas Subramanyam (D), Rep.

First Home Savings Account Bill

IntroducedDecember 9, 2025

Introduced11 months ago

Intro

House

Senate

Pres

Referred to the House Committee on Ways and Means.

Taxation

Why This Matters

This bill creates down payment savings accounts that help first-time homebuyers save money for buying a home. It allows them to deduct their contributions from their taxes, making homeownership more affordable.

If you are a first-time homebuyer, you can save money on taxes while saving for your new home.

Who this affects

First-time homebuyers · Individuals saving for down payment

What changes is this bill making?

1This bill allows people to create special savings accounts for down payments on homes.
2Individuals can deduct contributions to these accounts from their taxable income.
3Only first-time homebuyers can use these accounts for down payments and closing costs.
4There are limits on how much money can be contributed each year.
5The deduction amount decreases for individuals with higher incomes.

Read full document

Last changed 1 month ago · checked hourly

First Home Savings Account Bill

IntroducedDecember 9, 2025

Introduced11 months ago

Intro

House

Senate

Pres

Referred to the House Committee on Ways and Means.

Taxation

Why This Matters

If you are a first-time homebuyer, you can save money on taxes while saving for your new home.

Who this affects

First-time homebuyers · Individuals saving for down payment

What changes is this bill making?

1This bill allows people to create special savings accounts for down payments on homes.
2Individuals can deduct contributions to these accounts from their taxable income.
3Only first-time homebuyers can use these accounts for down payments and closing costs.
4There are limits on how much money can be contributed each year.
5The deduction amount decreases for individuals with higher incomes.

Read full document

Last changed 1 month ago · checked hourly