New savings account lets first-time homebuyers skip taxes on home purchases.
H.R. 9895 — American Dream Accounts Act of 2026 · Filed by Aaron Bean (R-FL) · 1 cosponsor · Introduced Jul 23, 2026 · Referred to committee
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What it does
This bill creates a new savings account called an American Dream Account. People can put in up to $7,500 per year. People age 35 or older can put in up to $10,000 per year. The money grows without taxes. When someone buys their first home, they can take out up to $500,000 tax-free. Money not used for a home can go into a Roth IRA. It can also pass to family members.
Who it affects
First-time homebuyers can use this account to save for a home. They will not pay taxes on the money. Banks and other companies that manage money accounts will offer this new product.
One thing to notice
The account has a $250,000 lifetime cap on what people can put in. But people can take out up to $500,000 tax-free for a home. Money not used for a home can move to a Roth IRA or go to family members.
From the analysis of the bill text, linked under Primary records below.
Where it stands
1 cosponsor: 1 Republicans.
- Jul 23, 2026 — Introduced · Congress.gov: “Introduced in House”
- Jul 23, 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
- tax-free — Money you do not have to pay taxes on.
- Roth IRA — A retirement savings account where money grows without taxes.
- American Dream Account — A new savings account created by this bill for homebuying.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (14,984 characters) on Oct 31, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,778 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 2026-10-31.
“New savings account lets first-time homebuyers skip taxes on home purchases.” QuorumCivic. https://share.quorumcivic.app/bill/119/hr9895/simple Report an error
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