A bill to amend the Internal Revenue Code of 1986 to provide penalty free distributions from certain retirement plans for mortgage payments with respect to a principal residence and to modify the rules governing hardship distributions.
Hardship Outlays to protect Mortgagee Equity (HOME) Act - Amends the Internal Revenue Code to allow taxpayers to withdraw amounts from their tax-exempt pension and retirement plans, without incurring the 10% penalty otherwise imposed on such withdrawals, to make mortgage payments on their principal residences.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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