To amend the Internal Revenue Code of 1986 to exempt from the penalty tax on early withdrawals from individual retirement plans distributions used to acquire the first home of a child or grandchild of the beneficiary of the plan.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit penalty-free withdrawals from an individual retirement plan for the first-time home purchase by a child or grandchild of the plan beneficiary.…