Representative W. Gregory Steube introduces H.R. 10944: Homeownership Opportunity Act

We have received text from H.R. 10944: Homeownership Opportunity Act. This bill was received on 2026-10-29, and currently has 2 cosponsors.

Here is a short summary of the bill:

This bill would let people withdraw money from certain retirement accounts without counting that money as taxable income, if they use it to buy their first home or another principal residence. The goal is to make it easier for people to come up with cash for a down payment or closing costs.

What retirement accounts are covered

• Defined contribution plans , such as 401(k)-type plans

• 403(a) and 403(b) annuity plans , often used by schools, nonprofits, and some public-sector workers

• 457(b) deferred compensation plans , often used by certain government and tax-exempt employers

What the tax change would do

If a person takes money from one of these plans and uses it for a down payment or closing costs on a principal residence, that amount would not be included in their gross income for federal tax purposes. In plain terms, the person would generally not owe income tax on that withdrawal, as long as it meets the bill’s rules.

Limits on the amount

The tax-free treatment would be limited. For each taxable year, a person could exclude up to the greater of:

• $40,000 , or

• 40% of the vested balance in the retirement account at the time of the distribution

The amount available would also be reduced by certain prior withdrawals that already received this special treatment under the bill or similar provisions.

Repaying the withdrawal

The bill would allow a person to put the withdrawn amount back into an eligible retirement account within three years after receiving it. That repayment would generally be treated like a rollover, subject to the bill’s conditions. For some account types, repayment would only be allowed if the person is otherwise eligible to contribute to that type of plan.

Special tax treatment under retirement plan rules

The bill would also make these withdrawals count as meeting certain retirement plan distribution rules, so that plans can allow the withdrawals without violating normal restrictions that often apply to taking money out before retirement age.

How long the rule would last

The special tax treatment would apply only to distributions made in taxable years beginning after December 31, 2025 . It would stop applying to distributions in taxable years beginning after December 31, 2035 .

Relevant Companies

None found

Representative W. Gregory Steube Bill Proposals

Here are some bills which have recently been proposed by Representative W. Gregory Steube:

• H.R.10944: Homeownership Opportunity Act
• H.R.10607: American Fuel Affordability Act
• H.R.10606: FLAFO Act
• H.R.10178: SHIELD Act
• H.R.10148: Safeguarding America’s Nonprofits Act
• H.R.10117: GATOR Act of 2026

You can track bills proposed by Representative W. Gregory Steube on Investivoq's politician page for Steube.

Representative W. Gregory Steube Net Worth

Investivoq estimates that Representative W. Gregory Steube is worth $1.0M, as of November 10th, 2026. This is the 344th highest net worth in Congress, per our live estimates.

Steube has approximately $664.0K invested in publicly traded assets which Investivoq is able to track live.

You can track Representative W. Gregory Steube's net worth on Investivoq's politician page for Steube.

Representative W. Gregory Steube Stock Trading

We have data on up to $525.0K of trades from Representative W. Gregory Steube, which we parsed from STOCK Act filings. Some of the largest trades include:

• A February 19th, 2025 sale of up to $50K of $SNV. The stock has fallen 9.38% since then.
• A March 18th, 2026 purchase of up to $15K of $IONQ. The stock has risen 9.14% since then.

You can track Representative W. Gregory Steube's stock trading on Investivoq's politician page for Steube.

2026 Florida's 17th Congressional District Election

There has been approximately $1,976,692 of spending in Florida's 17th congressional district elections over the last two years, per our estimates.

The rating for this race is currently "Solid R".

You can track this election on our matchup page for the 2026 Florida's 17th congressional district election.

This article is not financial advice. See Investivoq's disclaimers for more information.