Bill > HR5078

This bill, the First Time Homeowner Savings Plan Act, proposes to amend the Internal Revenue Code to increase the amount that can be withdrawn without penalty from individual retirement plans (IRAs) for first-time homebuyer distributions. Specifically, it raises the limit from $10,000 to $25,000 and includes an inflation adjustment provision to ensure the limit keeps pace with rising costs over time. The changes would apply to distributions made on or after December 31, 2021.