Home Savings Act

Hozzl · 2026-02-13T18:12:03Z

Explore the details of House Bill 7185 Home Savings Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

2/13/2026, 6:12 PM

Summary of Bill HR 7185

The 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," designated as H.R. 7185 in the 119th Congress and introduced on January 21, 2026, aims to allow for the exclusion of certain retirement plan distributions from gross income when utilized for a principal residence's down payment or closing costs. Additional purposes or provisions of the bill are not specified in the provided context.

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Current Status of Bill HR 7185

Bill HR 7185 is currently in the status of Bill Introduced since January 21, 2026. Bill HR 7185 was introduced during Congress 119 and was introduced to the House on January 21, 2026. Bill HR 7185's most recent activity was Referred to the House Committee on Ways and Means. as of January 21, 2026

Bipartisan Support of Bill HR 7185

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7185

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7185

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.