H.R. 7645 · 116th Congress
First Time Homebuyer Pandemic Savings Act
- Stage
- In committee
- Sponsor
- Sean Maloney
- Introduced
- 2020-07-16
- Latest action
- 2020-07-16 · Introduced in House
Summary
First Time Homebuyer Pandemic Savings Act
This bill extends for one year the exemption from the penalty for early distributions from tax-preferred retirement plans for distributions related to COVID-19 (i.e., coronavirus disease 2019). It also excludes from gross income COVID-19-related distributions which are first-time homebuyer distributions up to $25,000 in a taxable year.