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H.R. 4114 (114th): First Time Homeowner Savings Plan Act


The text of the bill below is as of Nov 19, 2015 (Introduced). The bill was not enacted into law.


I

114th CONGRESS

1st Session

H. R. 4114

IN THE HOUSE OF REPRESENTATIVES

November 19, 2015

(for himself, Mr. Renacci, Mr. Coffman, and Mr. Swalwell of California) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.

1.

Short title

This Act may be cited as the First Time Homeowner Savings Plan Act.

2.

Increase in limitation on penalty-free first-time homebuyer distributions

(a)

In general

Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking $10,000 and inserting $25,000.

(b)

Inflation adjustment

Section 72(t)(8) of such Code is amended by adding at the end the following new subparagraph:

(F)

Inflation adjustment

In the case of any taxable year beginning in a calendar year after 2015, the $25,000 dollar amount in subparagraph (B)(i) shall be increased by an amount equal to—

(i)

such dollar amount, multiplied by

(ii)

the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, by substituting calendar year 2014 for calendar year 1992.

Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100.

.

(c)

Effective date

The amendments made by this section shall apply to distributions made after the date of the enactment of this Act, in taxable years ending after such date.