1. Short title This Act may be cited as the First-Time Homebuyer Savings Account Act of 2017 . 2. First-time homebuyer account (a) In general Subchapter F of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: IX First-Time homebuyer accounts Sec. 530A. First-time homebuyer account. 530A. First-time homebuyer account (a) In general A first-time homebuyer account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, the first-time homebuyer account shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). (b) First-Time homebuyer account The term first-time homebuyer account means a trust created or organized in the United States exclusively for the purpose of paying the qualified principal residence purchase expenditures of an individual who is the designated beneficiary of the trust (and designated as a first-time homebuyer account at the time created or organized), but only if the written governing instrument creating the trust meets the following requirements: (1) No contribution will be accepted— (A) unless it is in cash, (B) except in the case of a rollover contribution, if such contribution would result in aggregate contributions— (i) for the taxable year exceeding $14,000 (200 percent of such amount in effect for the taxable year in the case of individuals who are married, own a first-time homebuyer account jointly, and file a joint return for the taxable year), (ii) for all taxable years exceeding $50,000, and (C) if the fair market value of the account to exceeds, or to the extent such contribution would result in the fair market value of the account exceeding, $150,000. (2) The trustee is a bank (as defined in section 408(n)) or another person who demonstrates to the satisfaction of the Secretary that the manner in which that person will administer the trust will be consistent with the requirements of this section or who has so