United States 117th Congress Status: In Committee 1 D cosponsors

S 4722 — American Dream Down Payment Act of 2022

Last action — Read twice and referred to the Committee on Finance.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

American Dream Down Payment Act of 2022 This bill establishes qualified down payment savings programs that allow taxpayers to establish tax-free accounts to save for down payments, including closing costs, on a principal residence. The Department of the Treasury, in coordination with the Securities and Exchange Commission, must report on matters relating to such accounts, including the number of states that have established down payment savings programs and information about beneficiaries of such programs.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes qualified down payment savings programs under the Internal Revenue Code, providing tax exemptions and specific regulations related to contributions and distributions.

  • Part VIII of subchapter F of chapter 1 of the Internal Revenue Code of 1986

    SEC. 529B. QUALIFIED DOWN PAYMENT SAVINGS PROGRAMS. (a) In General.--A qualified down payment savings program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations).

    This adds a new section exempting qualified down payment savings programs from taxation, with exceptions for unrelated business income.

  • section 4973

    or → or

    This modifies the existing law to include qualified down payment savings accounts in the definitions for excess contributions.

  • section 4973

    For purposes of this section-- (1) In general.--In the case of a qualified down payment savings account (within the meaning of section 529B)...

    This adds provisions defining excess contributions specifically for qualified down payment savings accounts.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Finance.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation housing
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Frequently asked questions

What does S 4722 do?
American Dream Down Payment Act of 2022 This bill establishes qualified down payment savings programs that allow taxpayers to establish tax-free accounts to save for down payments, including closing costs, on a principal residence. The Department of the Treasury, in coordination with the Securities and Exchange Commission, must report on matters relating to such accounts, including the number of states that have established down payment savings programs and information about beneficiaries of such programs.
Who sponsors S 4722?
S 4722 is sponsored by Warnock, Raphael G. (Democratic).
What is the current status of S 4722?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 4722?
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Last checked for changes 3 months ago · updated continuously

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