H.R. 9480 — To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to home savings accounts, and for other purposes.

H.R. 9480 — To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to home savings accounts, and for other purposes. | JustPolicyThis legislation aims to amend the Internal Revenue Code by introducing home savings accounts, designed to assist individuals in saving for housing-related expenses while offering tax benefits. The primary goal is to ease financial burdens associated with housing costs, particularly for first-time homebuyers and families managing expenses after the death of a loved one. Key provisions include allowing individuals to deduct up to 0,000 from their taxable income for contributions to a home savings account, or $20,000 for married couples filing jointly.