Bill > HR4165

This bill, the Uplifting First-Time Homebuyers Act of 2021, aims to increase the limitation on qualified first-time homebuyer distributions from $10,000 to $20,000 under the Internal Revenue Code of 1986. This change would allow first-time homebuyers to withdraw up to $20,000 from their retirement accounts, such as 401(k)s or individual retirement accounts (IRAs), without incurring the typical 10% early withdrawal penalty, in order to put that money towards the purchase of their first home. The amendment made by this bill would apply to taxable years beginning after December 31, 2020, providing more financial flexibility for those looking to become first-time homeowners.