NEST Act

Sponsor: Kat Cammack (Republican-FL)February 9, 2026

AI-generated ?

Report an error

Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

Referred to the House Committee on Ways and Means.

Lets first-time homebuyers save for a down payment with new tax-free accounts.

This bill would create a new type of tax-free savings account for first-time homebuyers. It would let people save money for a down payment and other home costs without paying taxes on their contributions or earnings. This aims to make it easier for eligible Americans to afford their first home.

What Would Change

Currently, there is no specific tax-advantaged savings account for first-time homebuyers. People save for homes using regular accounts, and any earnings are typically taxed. This bill would create 'first-time homebuyer savings accounts' (FHSAs) where eligible individuals could deduct contributions, let their savings grow tax-free, and make tax-free withdrawals for qualified home expenses, up to a lifetime limit of 20% of their state's median home price.

Key Provisions

Lets eligible individuals open a special savings account to save for their first home.
Lets people deduct the cash they put into these accounts from their taxable income.
Lets money saved in these accounts grow without being taxed.
Lets people take out money tax-free from these accounts to pay for home ownership costs like down payments and closing fees.
Sets a lifetime contribution limit for these accounts at 20% of the median home price in your state.
Requires you to be at least 18 years old and not have owned a home in the last three years to open an account.

View on Congress.gov

HR 7422 · 119th Congress · February 9, 2026 · AI Summary by gemini-2.5-flash · 9/10

Lobbying Activity

2 filings mentioned this bill

Top Lobbying Clients

AT&T SERVICES INC AND ITS AFFILIATES

$50K

2 filings

Top Lobbying Firms

1.AT&T SERVICES, INC. AND ITS AFFILIATES1 filing

2.MERCURY STRATEGIES, LLC1 filing

Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.