summary
Introduced
06/07/2017
06/07/2017
In Committee
06/07/2017
06/07/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
First Time Homeowner Savings Plan Act This bill amends the Internal Revenue Code to increase from $10,000 to $25,000 the maximum amount that may be withdrawn, without penalty, from a qualified retirement plan for purposes of assisting a first-time homebuyer in purchasing a principal residence. This increased distribution amount shall be adjusted annually for inflation for taxable years beginning after 2018.
AI Summary
This bill amends the Internal Revenue Code to increase the maximum amount that can be withdrawn without penalty from a qualified retirement plan for the purpose of assisting a first-time homebuyer in purchasing a principal residence. Specifically, the bill raises the limit from $10,000 to $25,000, and this increased distribution amount will be adjusted annually for inflation starting in 2018. This change is intended to help more individuals and families become first-time homeowners.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 06/07/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/2808/all-info |
| BillText | https://www.congress.gov/115/bills/hr2808/BILLS-115hr2808ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2808/BILLS-115hr2808ih.pdf.pdf |
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