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S 4722 United States Senate · 117th Congress

American Dream Down Payment Act of 2022

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.
Issues: ✓ Budget & TaxesSupports Budget & TaxesCreates tax-free down payment savings accounts, providing tax relief for homebuyers and aligning with middle-income tax support initiatives.90% confidence ✓ HousingSupports HousingEnables tax-free down payment savings, reducing upfront costs for homebuyers and advancing affordable housing access.92% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Aug 2022
Committee Review
Floor Vote
President
Introduced Aug 2, 2022 Last action Aug 2, 2022
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Aug 2, 2022
Committee
Read twice and referred to the Committee on Finance.
upper
Aug 2, 2022
Introduced
Introduced in Senate
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Raphael G. Warnock
Raphael G. Warnock
DDemocratic
GA
n/a