Van Duyne Introduces the Uplifting First-Time Homebuyers Act.
Washington, DC - Rep. Van Duyne introduced the "Uplifting First-Time Homebuyers Act," a bill intended to create a more accessible environment for first-time homebuyers by adjusting the IRA tax exception withdrawal limit.
In 1997 Congress created a tax exception for first-time homebuyers to withdraw up to $10,000 from their IRA. In 1997, the median home price was $115k. Today that number is closer to $300k. The "Uplifting First-Time Homebuyers Act" will increase the IRA homebuyer exception from $10k to $20k, the first increase in over 20 years.
"Buying a home for the first time is not as easy as it once was," Rep. Van Duyne said. "That first home is key to building generational wealth, and I have made it my goal to ensure that every American can access the dream of homeownership. My bill will allow Americans' hard-earned dollars to go further towards making that dream a reality."
Rep. Van Duyne is joined by Reps. Greg Steube (FL-17), Brian Mast (FL-18), Jeff Duncan (SC-3), Byron Donalds (FL-19), and Chris Stewart (UT-2) who have co-sponsored this bill.