Uplifting First-Time Homebuyers Act of 2023

Bill: 118-hr-1052
Sponsor: full_name: Rep. Van Duyne, Beth [R-TX-24]
Introduced: 2023-02-14
Policy area: Taxation
Latest action: action_date: 2023-02-14
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-02-14
action_desc: Introduced in House
text: <p> <strong>Uplifting First-Time Homebuyers Act of 2023 </strong></p> <p>This bill increases from $10,000 to $30,000 the maximum distribution amount from a tax-exempt pension plan allowed for a first-time home purchase without incurring a penalty.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1052 IN THE HOUSE OF REPRESENTATIVES February 14, 2023 Ms. Van Duyne 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 2023 . 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 $30,000 . (b) Effective date The amendment made by this Act shall apply to taxable years beginning after December 31, 2022.