H.R. 2808 · 115th Congress
First Time Homeowner Savings Plan Act
- Stage
- In committee
- Sponsor
- Sean Maloney
- Introduced
- 2017-06-07
- Latest action
- 2017-06-07 · 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This bill amends the Internal Revenue Code to increase from $10,000 to $25,000 the maximum amount that may be withdrawn, without penalty, from a qualified retirement plan for purposes of assisting a first-time homebuyer in purchasing a principal residence.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 2018.