To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to home savings accounts, and for other purposes.

119th Congress Introduced by Scott Perry

The bill would create Home Savings Accounts with a federal deduction for contributions to encourage saving for home-related needs.

Introduced in House

Summary of HR 9480 (119th Congress)

Purpose and intent

HR 9480 seeks to amend the Internal Revenue Code of 1986 to create and impose a deduction for amounts contributed to home savings accounts. The bill aims to encourage individuals to save for home-related purchases or needs by providing a tax deduction for deposits into these accounts.

Key provisions and changes

Establishment of Home Savings Accounts (HSAs): The bill would authorize a new type of tax-advantaged account called a Home Savings Account. While the exact design details (such as contribution limits, eligibility, and withdrawal rules) are not provided in the summary, the central feature is a deduction for amounts contributed to these accounts.

Tax deduction: Contributors to HSAs would be eligible for a federal deduction. The structure likely mirrors other above-the-line or itemized deduction concepts, but the specifics (e.g., whether the deduction is above the line, the phase-out, the deadline for contributions, and carryover provisions) are not specified in the provided information.

Interaction with existing tax provisions: The bill would modify the Internal Revenue Code to accommodate the new home savings deduction, potentially affecting tax liability calculations, and film with other applicable credits/deductions. Details on interaction with standard deduction, itemized deductions, or other savings accounts are not given in the summary.

Compliance and administration: As a tax-related proposal, the bill would presume the IRS would administer HSAs, with rules for account establishment, reporting, contribution limits, distributions, and potential penalties for noncompliance. Specific administrative provisions are not included in the summary.

Who would be affected

Taxpayers who open and contribute to Home Savings Accounts would be eligible for the stated deduction.

Individuals and households planning or saving for home purchases, home improvements, or related housing costs may be particularly impacted.

The bill would also affect taxpayers’ annual federal tax liability by reducing taxable income through the HSA deduction, subject to the deduction’s specifics.

Procedural and timeline aspects

Introduction: The bill was introduced in the House and referred to the House Committee on Ways and Means on June 25, 2026.

Sponsorship: Co-sponsored by Representative Scott Perry.

Next steps: As a committee-referred measure, it would undergo markup, potential amendments, and voting within the Ways and Means Committee before moving to the full House for consideration. If passed, it would move to the Senate and, if enacted, would require signature by the President to become law.

Notes for readers

The summary above reflects the information available in the bill’s title and action history. Specific details such as contribution limits, eligibility criteria, duration of the deduction, eligible uses of HSAs, withdrawal tax treatment, interaction with existing housing or tax programs, and any sunset or phase-in provisions are not provided in the available materials. For precise provisions, a full text of HR 9480 and committee remarks would be necessary.