First Time Homeowner Savings Plan Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 9994 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 9994 To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions. _______________________________________________________________________ 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A BILL To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``First Time Homeowner Savings Plan Act''. SEC. 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 s…