Washington, April 9 -- Congresswoman Nancy Mace issued the following press release:
Today, Congresswoman Nancy Mace (R-SC) introduced the First-Time Homebuyer Savings Act of 2026, legislation to help South Carolinians and Americans across the country break into the housing market by creating tax-advantaged accounts to make saving and buying a first home more achievable.
The bill would amend the Internal Revenue Code to establish First-Time Homebuyer Savings Accounts for first-time homebuyers. Eligible individuals would be able to contribute up to $10,000 annually in pre-tax funds. Money in the account could be invested and grow tax-free, and funds could be withdrawn tax-free when used for qualified homebuying expenses, including expenses ...