H. R. 4114
IN THE HOUSE OF REPRESENTATIVES
November 19, 2015
Mr. Sean Patrick Maloney of New York (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
To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.
This Act may be cited as the
First Time Homeowner Savings Plan Act.
Increase in limitation on penalty-free first-time homebuyer distributions
Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking
$10,000 and inserting
Section 72(t)(8) of such Code is amended by adding at the end the following new subparagraph:
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—
such dollar amount, multiplied by
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.
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.