H.R.9480

Allows a tax deduction for contributions to home savings accounts used for qualified housing expenses.

The bill amends the Internal Revenue Code to introduce home savings accounts, which allow individuals to contribute funds for qualified housing expenses. Contributions to these accounts can be deducted from taxable income, up to a limit of $10,000 for individuals and $20,000 for married couples filing jointly. Funds used for qualified housing expenses are exempt from gross income. The bill also outlines rules for rollover contributions, excess contributions, and the tax treatment of distributions. The amendments apply to taxable years beginning after December 31, 2026.