H.R. 4114 · 114th Congress
First Time Homeowner Savings Plan Act
- Stage
- In committee
- Sponsor
- Sean Maloney
- Introduced
- 2015-11-19
- Latest action
- 2015-11-19 · Introduced in House
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This bill amends the Internal Revenue Code to increase from $10,000 to $25,000 the maximum amount that may be withdrawn, without penalty, from a qualified retirement plan for purposes of assisting a first-time homebuyer in purchasing a principal residence.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 2015.