We have received text from H.R. 7468: First-Time Home Buyer Empowerment Act. This bill was received on 2026-02-10, and currently has 10 cosponsors.
Here is a short summary of the bill:
This bill, titled the First-Time Home Buyer Empowerment Act , aims to amend the Internal Revenue Code to facilitate the use of funds from long-term qualified tuition programs for first-time home purchases. Here’s a breakdown of its main provisions:
Qualifications for Distribution
The bill allows designated beneficiaries of qualified tuition programs to withdraw funds for purchasing a principal residence under certain conditions:
- The tuition program must have been maintained for at least 15 years.
- Withdrawn amounts cannot exceed the total contributions made to the program plus earnings, as long as these were made at least five years prior to the withdrawal.
- Funds must be used for a principal residence within 60 days after the distribution.
Aggregate Limitation
There are limits on the amount that can be withdrawn from these programs for home purchases:
- Withdrawals cannot exceed a total of $35,000 for the designated beneficiary, which will be reduced by any previous withdrawals for the same purpose in the same or prior years.
Delayed Purchases
If the purchase of the home is delayed, beneficiaries are allowed to reinvest the withdrawn funds back into a qualified tuition program or an ABLE account (a savings account for individuals with disabilities) within 120 days, rather than the 60-day limit which typically applies.
Tax Implications
If the beneficiary does not meet the requirements for the home purchase, there may be tax consequences:
- If a qualifying event occurs (such as selling the house) before five years after the distribution, the beneficiary may have to pay taxes on the withdrawn amount.
- The tax amount will be increased by a certain calculation based on the time elapsed since the withdrawal, with reductions applying for each year since the purchase was made.
Definitions
The bill defines "purchase," "principal residence," and "first-time homebuyer" according to existing legal definitions. This ensures clarity regarding who qualifies for the benefits proposed in the legislation.
Effective Date
The provisions of this bill will apply to distributions made in taxable years that start after the bill is enacted.
Relevant Companies
- PHM - PulteGroup, Inc.: As a homebuilder, changes in first-time homebuyer financing could impact demand for new homes.
- DHI - D.R. Horton, Inc.: Another major homebuilder that may see changes in purchasing trends due to new funding sources for first-time buyers.
- KBH - KB Home: Homebuilders like KB Home could be affected by increased access to funds for first-time home purchases, which might boost their sales.
Representative Tracey Mann Bill Proposals
Here are some bills which have recently been proposed by Representative Tracey Mann:
- H.R.7468: To amend the Internal Revenue Code of 1986 to allow certain distributions from long-term qualified tuition programs for first home purchases, and for other purposes.
- H.R.7261: Motor Carrier Safety Screening Modernization Act
- H.R.6874: Roadway Safety Modernization Act of 2025
- H.R.6460: Recreational Drone Empowerment Act
- H.R.5199: Modernizing Rural Physician Assistant and Nurse Practitioner Utilization Act of 2025
- H.R.5198: Rural Health Clinic Location Modernization Act of 2025
You can track bills proposed by Representative Tracey Mann on Quiver Quantitative's politician page for Mann.
Representative Tracey Mann Net Worth
Quiver Quantitative estimates that Representative Tracey Mann is worth $6.0M, as of February 23rd, 2026. This is the 156th highest net worth in Congress, per our live estimates.
Mann has approximately $115.0K invested in publicly traded assets which Quiver is able to track live.
You can track Representative Tracey Mann's net worth on Quiver Quantitative's politician page for Mann.
Representative Tracey Mann Stock Trading
We have data on up to $100.0K of trades from Representative Tracey Mann, which we parsed from STOCK Act filings.
You can track Representative Tracey Mann's stock trading on Quiver Quantitative's politician page for Mann.
2026 Kansas's 1st Congressional District Election
There has been approximately $1,888,663 of spending in Kansas's 1st congressional district elections over the last two years, per our estimates.
The rating for this race is currently "Solid R".
You can track this election on our matchup page for the 2026 Kansas's 1st congressional district election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
