First Time Homeowner Savings Plan Act

Bill: 118-hr-9994
Sponsor: full_name: Rep. Stevens, Haley M. [D-MI-11]
Introduced: 2024-10-15
Policy area: Taxation
Latest action: action_date: 2024-10-15
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9994 IN THE HOUSE OF REPRESENTATIVES October 15, 2024 Ms. Stevens 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to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.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: (G) Inflation adjustment In the case of any taxable year beginning in a calendar year after 2025, the $25,000 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, determined by substituting calendar year 2024 for calendar year 2016 in subparagraph (A)(ii) thereof. 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 December 31, 2024, in taxable years ending after such date.