Establishes first-time homebuyer savings accounts to help eligible individuals pay for home expenses.
The bill amends the Internal Revenue Code to create first-time homebuyer savings accounts. These accounts allow eligible individuals to save money for home expenses. Contributions are limited to $10,000 per year. Distributions used for qualified homebuyer expenses are tax-free. The accounts cease to be tax-exempt if they are not used within three years of acquiring a principal residence. The Secretary of the Treasury must publish the estimated national average price of a single family home annually.
The filed bill text is too short for analysis.