(WTWO/WAWV) — United States Senator Todd Young (R-Ind), along with Ruben Gallego (D-Ariz.), has introduced legislation that aims to help first-time homeowners in America.

The bill, named the Uplifting First-Time Homebuyers Act, would help Americans buy more homes by increasing the Individual Retirement Account (IRA) tax exemption withdrawal for first-time homebuyers.

The tax exemption was created by Congress in 1997 and allows first-time homebuyers to withdraw up to $10,000 from their IRAs without incurring the standard 10% early withdrawal penalty. The withdrawal can be used to buy, build or rebuild their first home.

The Uplifting First-Time Homebuyers Act would raise the qualified distribution from $10,000 to $50,000, a move Senator Young said would better align with today's housing m

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