Uplifting First-Time Homebuyers Act of 2021

Bill: 117-hr-4165
Sponsor: full_name: Rep. Van Duyne, Beth [R-TX-24]
Introduced: 2021-06-24
Policy area: Taxation
Latest action: action_date: 2021-06-24
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-06-24
action_desc: Introduced in House
text: <p><strong>Uplifting First-Time Homebuyers Act of 2021</strong></p> <p>This bill increases from $10,000 to $20,000 the lifetime limitation on penalty-free distributions from tax-exempt retirement plans for first-time homebuyers.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 4165 IN THE HOUSE OF REPRESENTATIVES June 24, 2021 Ms. Van Duyne (for herself, Mr. Duncan , Mr. Mast , Mr. Steube , Mr. Stewart , and Mr. Donalds ) 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 limitation on qualified first-time homebuyer distributions, and for other purposes.

1. Short title This Act may be cited as the Uplifting First-Time Homebuyers Act of 2021 . 2. Increasing the limitation on qualified 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 $20,000 . (b) Effective date The amendment made by this Act shall apply to taxable years beginning after December 31, 2020.