First Time Homebuyer Pandemic Savings Act

Bill: 116-hr-7645
Sponsor: full_name: Rep. Maloney, Sean Patrick [D-NY-18]
Introduced: 2020-07-16
Policy area: Taxation
Subjects: Cardiovascular and respiratory health

Emergency medical services and trauma care

Employee benefits and pensions

Housing finance and home ownership

Income tax deferral

Income tax exclusion

Infectious and parasitic diseases
Latest action: action_date: 2020-07-16
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2020-07-16
action_desc: Introduced in House
text: <p><b>First Time Homebuyer Pandemic Savings Act</b></p> <p>This bill extends for one year the exemption from the penalty for early distributions from tax-preferred retirement plans for distributions related to COVID-19 (i.e., coronavirus disease 2019). It also excludes from gross income COVID-19-related distributions which are first-time homebuyer distributions up to $25,000 in a taxable year. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7645 IN THE HOUSE OF REPRESENTATIVES July 16, 2020 Mr. Sean Patrick Maloney of New York introduced the following bill; which was referred to the Committee on Ways and Means A BILL To extend the time period for making coronavirus-related distributions from retirement plans and to provide an exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions.

1. Short title This Act may be cited as the First Time Homebuyer Pandemic Savings Act . 2. Extension of period for making coronavirus-related distributions from retirement plans (a) In general Section 2202(a)(4)(A)(i) of the CARES Act is amended by striking December 31, 2020 and inserting December 31, 2021 . (b) Effective date The amendment made by this section shall apply to distributions made after December 31, 2020. 3. Exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions (a) In general Section 2202(a) of the CARES Act is amended by adding at the end the following new paragraph: (7) Exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions (A) In general Gross income shall not include any coronavirus-related distribution which is a qualified first-time homebuyer distribution (as defined in section 72(t)(8)(A) of the Internal Revenue Code of 1986). (B) Dollar limitation The aggregate amount taken into account as qualified first-time homebuyer distributions by any individual under subparagraph (A) for any taxable year shall not exceed the excess (if any) of— (i) $25,000, over (ii) the aggregate amount so taken into account in all prior taxable years. . (b) Effective date The amendment made by this section shall apply to distributions made after the date of the enactment of this Act.