Amends the Internal Revenue Code to allow the use of distributions from individual retirement accounts and individual retirement annuities for the purchase, construction, or reconstruction of a principal residence by a first-time homebuyer. Reduces the basis of the dwelling by the amount of the distribution if the distribution is not includible in gross income.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line