A bill to amend the Internal Revenue Code of 1954 to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence. Requires that ten percent of the amount withdrawn shall be included in the gross income of the distributee over a period of ten years beginning with the taxable year in which the distributee: (1) disposes of such principal residence or ceases to use it as a principal residence; or (2) attains the age of 59 1/2. Allows such withdrawals only if: (1) the amount withdrawn is used within 90 days for the purchase of the principal residence; (2) the individual retirement account was established at least 36 months before such withdrawal; (3) the trustee of such account is a qualified home mortgage institution; and (4) the trustee is given at least 60 days notice before such withdrawal.…