To amend the Internal Revenue Code of 1986 to allow an individual to withdraw up to $5,000 from an individual retirement account for the purchase of a principal residence by a first-time home buyer.
First-Time Home Buyer's Act of 1989 - Amends the Internal Revenue Code to spread over a ten-year period the taxation of up to $5,000 of individual retirement plan distributions used by a first-time homebuyer within 90 days to purchase, construct, or reconstruct a dwelling that will be used as the taxpayer's principal residence for at least three years.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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