Bills · HR 7393
IN COMMITTEE· 119TH CONGRESS
House BillHR 7393Taxation
Save for Success Act
INTRO FEB 5· LAST ACTION FEB 5
READING
2MIN
COSPONSORS
2BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it offers greater financial flexibility to individuals and families saving for their future. In an economy where both college tuition and housing costs are major financial burdens, allowing 529 funds to cover first-time home purchases provides an additional tool for financial planning.
If this bill becomes law, it could help more young adults achieve homeownership by making it easier to access savings for down payments or closing costs. If it doesn't pass, 529 plans will remain primarily focused on education expenses, and savers would continue to face tax consequences for using these funds for housing, potentially making it harder for some to afford their first home.
KEY PROVISIONS
4AI-extractedPROVISION 01
Allows tax-free and penalty-free withdrawals from 529 qualified tuition programs for certain qualified housing expenses.
This broadens the permissible uses of 529 plans beyond education, offering more flexibility to savers.
PROVISION 02
Defines "qualified housing expense" as expenses for the purchase of a principal residence by a designated beneficiary who is a first-time homebuyer, including closing costs and mortgage payments.
This specifies exactly what housing-related costs can be covered by 529 funds under the new rules.
PROVISION 03
Defines a "first-time homebuyer" as an individual who, along with their spouse, has not had an ownership interest in a principal residence during the 3-year period ending on the purchase date.
This provision targets the benefit toward individuals entering homeownership for the first time.
PROVISION 04
The changes will apply to distributions made after December 31, 2026.
This establishes when the new rules will take effect, providing a clear timeline for implementation.
SPONSORSHIP
1 + 2
R· Florida
YRS IN OFFICE
1
BILLS LED
18
COSPONSOR BREAKDOWNBIPARTISAN · 100%
DEM 1 REP 1 IND 0
ACTION TIMELINE
2 EVENTSFEB 5
Introduced in House
FEB 5
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 7393
Congress119th
StatusIn Committee
IntroducedFeb 5, 2026
Last actionFeb 5, 2026
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED FEB 5, 2026
House BillHR 7393Taxation
Save for Success Act
INTRODUCED FEB 5, 2026· LAST ACTION FEB 5, 2026
PASSAGE CHANCES
—%
READING
2 min
COSPONSORS
2
COMPLEXITY
Moderate
