H.R. 8709
The Homeownership Savings Act (H.R. 8709) proposes the creation of tax-advantaged savings accounts to help individuals save for purchasing their first home. Contributions to these accounts would be tax-deductible up to certain annual limits, and the funds could grow tax-free. Withdrawals used for qualified homeownership expenses, such as down payments and closing costs, would not be taxed. The bill sets lifetime contribution limits and includes provisions for employer contributions and inflation adjustments.