A bill to amend the Internal Revenue Code of 1986 to allow first-time home buyers to make withdrawals from their individual retirement accounts for the purpose of acquiring, constructing, or reconstructing a principal residence, without incurring any tax.
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.
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