First Time Homeowner Savings Plan Act

Bill: 114-hr-4114
Sponsor: full_name: Rep. Maloney, Sean Patrick [D-NY-18]
Introduced: 2015-11-19
Policy area: Taxation
Subjects: Employee benefits and pensions

Housing finance and home ownership

Income tax exclusion

Inflation and prices
Latest action: action_date: 2015-11-19
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-11-19
action_desc: Introduced in House
text: <p><strong>First Time Homeowner Savings Plan Act</strong></p> <p>This bill amends the Internal Revenue Code to increase from $10,000 to $25,000 the maximum amount that may be withdrawn, without penalty, from a qualified retirement plan for purposes of assisting a first-time homebuyer in purchasing a principal residence. This increased distribution amount shall be adjusted annually for inflation for taxable years beginning after 2015. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 4114 IN THE HOUSE OF REPRESENTATIVES November 19, 2015 Mr. Sean Patrick Maloney of New York (for himself, Mr. Renacci , Mr. Coffman , and Mr. Swalwell of California ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.

1. Short title This Act may be cited as the First Time Homeowner Savings Plan Act . 2. Increase in limitation on penalty-free first-time homebuyer distributions (a) In general Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking $10,000 and inserting $25,000 . (b) Inflation adjustment Section 72(t)(8) of such Code is amended by adding at the end the following new subparagraph: (F) Inflation adjustment In the case of any taxable year beginning in a calendar year after 2015, the $25,000 dollar amount in subparagraph (B)(i) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, by substituting calendar year 2014 for calendar year 1992 . Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100. . (c) Effective date The amendments made by this section shall apply to distributions made after the date of the enactment of this Act, in taxable years ending after such date.