A bill to amend the Internal Revenue Code of 1986 to allow distributions from retirement plans to be used without penalty for purchase of a first home.

Amends the Internal Revenue Code to permit penalty-free withdrawals from individual retirement plans and certain other pension plans for first-time home purchases by taxpayers, their children, or their grandchildren. Requires the use of the distribution within 60 days of distribution. Defines a first-time homebuyer as one who had no present ownership interest in a principal residence during the two years before its acquisition.