H.R. 2748, known as the “First Time Homeowner Savings Plan Act,” proposes changes to the Internal Revenue Code to aid first-time homebuyers. It aims to increase the maximum amount that can be withdrawn from individual retirement plans without penalty from $10,000 to $25,000...
Simple Explanation
H.R. 2748 is a new rule that lets people take out more money from their retirement savings to buy their first house without having to pay extra fees, increasing the amount from $10,000 to $25,000 and will change a bit each year starting in 2027 to keep up with price changes.