H.R.7756

Establishes tax-advantaged homeowner savings accounts for first-time homebuyers.

The First-time Homebuyer Savings Account Act of 2026 amends the Internal Revenue Code to create tax-advantaged homeowner savings accounts. These accounts allow eligible individuals, defined as those who have not owned a principal residence in the past three years, to contribute cash to a trust for paying qualified homeowner expenses. Contributions are limited to the lesser of the annual compensation or $10,000 ($20,000 for joint filers). Distributions used for qualified homeowner expenses are tax-free, while other distributions are included in gross income and subject to a 10% additional tax.