S. 2867 — Introduced in Senate

II 119th CONGRESS 1st Session S. 2867 IN THE SENATE OF THE UNITED STATES September 18 (legislative day, September 16), 2025Mr. Gallego (for himself and Mr. Young) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes. 1. Short title This Act may be cited as the Uplifting First-Time Homebuyers Act of 2025. 2. Increasing the limitation on qualified first-time homebuyer distributions (a) In general Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking $10,000 and inserting $50,000. (b) Effective date The amendment made by this Act shall apply to taxable years beginning after December 31, 2024.