HOMES Act of 2024

Bill: 118-hr-9958
Sponsor: full_name: Rep. Curtis, John R. [R-UT-3]
Introduced: 2024-10-11
Policy area: Taxation
Latest action: action_date: 2024-10-11
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9958 IN THE HOUSE OF REPRESENTATIVES October 11, 2024 Mr. Curtis 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 permit certain transactions between individually directed accounts and account holders and their families relating to residential property and to increase the amount of loans excepted from certain rules pertaining to loans from qualified employer plans to the plan beneficiary.

1. Short title This Act may be cited as the Home Ownership, Mortgage, and Equity Savings Act of 2024 or the HOMES Act of 2024 . 2. Transactions of individually directed accounts relating to residential property of a family member (a) In general Section 4975(d) of the Internal Revenue Code of 1986 is amended by striking or at the end of paragraph (24), by striking the period at the end of paragraph (25) and inserting , or , and by adding at the end the following new paragraph: (26) in the case of an individually directed account the investment of all or part of a plan’s assets in, or a transaction to purchase, sell, lease, or allow the use of residential property as a primary residence to the account beneficiary or such beneficiary’s family (as defined in section 267(c)(4)). . (b) Effective date The amendment made by this section shall apply to transactions occurring after the date of the enactment of this Act. 3. Increase in amount of loan from qualified employer plan for acquisition of dwelling unit (a) In general Section 72(p)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (F) Increased amount in the case of acquisition of dwelling unit In the case of a loan described in subparagraph (B)(ii), subparagraph (A)(ii) shall be applied by substituting $50,000 for $10,000 . . (b) Effective date The amendment made by this section shall apply to loans made after the date of the enactment of this Act.