Let people take retirement money for home down payments tax-free
H.R. 10944 — To amend the Internal Revenue Code of 1986 to exclude from gross income certain retirement plan distributions used for a down payment or closing costs for a principal residence, and for other purposes. · Filed by W. Steube (R-FL) · 2 cosponsors · Introduced Oct 29, 2026 · Referred to committee
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What it does
This bill would let people take money from retirement accounts. They would not pay taxes on this money. They could use it for a down payment when buying a home. They could also use it for closing costs. Right now, early withdrawals cost a lot in taxes.
Who it affects
People who want to buy a home can use retirement savings. The federal government would collect less tax money.
One thing to notice
The bill does not say which accounts qualify or how much money people can take. It does not say if this is only for first-time homebuyers.
From the analysis of the bill text, linked under Primary records below.
Where it stands
2 cosponsors: 1 Democrats, 1 Republicans.
- Oct 29, 2026 — Introduced · Congress.gov: “Introduced in House”
- Oct 29, 2026 — Referred to House Committee on Ways and Means · Congress.gov: “Referred to the House Committee on Ways and Means”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- closing costs — Fees and charges paid when a home sale is finished.
- down payment — Money paid upfront when buying a home.
- retirement accounts — Accounts like 401(k)s and IRAs where people save money for later.
How this was measured
Analysis — Quorum's AI read the full bill text on Oct 31, 2026; transparency and hidden-provision scores are compared against the median of 16,927 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-11-02.
“Let people take retirement money for home down payments tax-free” QuorumCivic. https://share.quorumcivic.app/bill/119/hr10944/simple Report an error
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