U.S. Congress legislation · 119th Congress
HB10944: Homeownership Opportunity Act
Status: In committee, October 29, 2026
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.
What the bill says
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.
From the introduced text, October 29, 2026:
A BILL 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. SECTION 1. Short title This Act may be cited as the Homeownership Opportunity Act . SECTION 2. Exclusion from gross income of retirement plan distributions used for a down payment or closing costs for a principal residence (a) In general (1) Defined contribution plans Section 402 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (m) Distributions for a down payment or closing costs for a principal residence (1) In general The gross income of an employee for any taxable year shall not include any distribution from a defined contribution plan (as defined in section 414(i)) of such employee to the extent that such distribution is used for a down payment or closing costs associated with acquiring a principal residence (within the meaning of section 121) of the employee. (2) Limitation The aggregate amount of distributions received by an individual to which paragraph (1) applies for any taxable year shall not exceed an amount equal to the excess (if any) of-- (A) the greater of-- (i) $40,000, or (ii) an amount equal to 40 percent of …
Sponsors
- Greg Steube (R, HD-FL-17) · primary sponsor
- Jimmy Panetta (D)
- Mike Carey (R, HD-015)
Latest actions
- : Referred to the House Committee on Ways and Means.
- : Introduced in House
Common questions
- What is HB10944?
- HB10944 is a bill in Congress (119th Congress): Homeownership Opportunity Act.
- What does HB10944 do?
- In its own words: 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.
- What is the status of HB10944?
- In committee as of October 29, 2026. Latest action: Referred to the House Committee on Ways and Means. (October 29, 2026).
- Who sponsored HB10944?
- Greg Steube (R, HD-FL-17), with 2 co-sponsors.
- Where is the official record for HB10944?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/10944
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.