First-Time Home Buyer Empowerment Act
A bill to amend the Internal Revenue Code of 1986 to allow certain distributions from long-term qualified tuition programs for first home purchases, and for other purposes.
This bill, SB5227, proposes to change the Internal Revenue Code by allowing people to use funds from certain long-term education savings accounts, known as qualified tuition programs, for purchasing their first home. This means that instead of only using these funds for education expenses, they could also be used for a major home purchase. This bill would directly affect individuals who have saved in these education accounts and are looking to buy a home.
As of the latest update on August 4, 2026, the bill has just been introduced and referred to the Committee on Finance for further review. This is the first step in the legislative process, and the bill has not yet been scheduled for a committee hearing or any further action. The sponsors of the bill are Michael Bennet, a Democrat, and Jon Husted, a Republican, showing bipartisan support for this proposal.
To date, the key action for SB5227 was its introduction on August 4, 2026, and its referral to the Committee on Finance. No further actions or decisions have been recorded yet, and the bill is still in the early stages of the legislative process.
