Rep. Cammack Announces Plans For Legislation To Create Tax-Free Savings Accounts For First-Time Homebuyers

WASHINGTON, D.C. — Today, Congresswoman Kat Cammack announced plans to introduce legislation to create tax-free savings accounts for individuals and families purchasing their first homes.  

The NEST (Next-Generation Equity Savings Tool) Act would assist first-time homebuyers in overcoming financial barriers, especially the challenges related to down payments and closing costs. Individuals and families could save money on a pre-tax basis, with no tax upon withdrawal, if the funds are used to purchase a first home.  

High home prices in many markets have created barriers for first-time buyers, which is why dedicated savings vehicles for home purchases can assist and encourage those seeking to enter the market and stimulate the economy.  

More information, including bill text, is expected in the coming days. Please visit cammack.house.gov for more details.  

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