A bill to amend the Internal Revenue Code of 1954 to permit pension and annuity plans to make distributions to participants for purposes of acquiring a principal residence.

Amends the Internal Revenue Code to permit qualified pension and annuity plans to make distributions to participants for purposes of acquiring, constructing, or rehabilitating a dwelling unit if: (1) within a reasonable period of time such dwelling unit is to be used as the principal residence of the participant; and (2) such participant has not previously received a distribution for such purposes.