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First Time Homeowner Savings Plan Act
house
senate
president
Introduced on October 15, 2024 by
Haley Stevens
Legislation Details
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Last updated 12/17/2024
Amends the Internal Revenue Code of 1986 to increase the penalty-free withdrawal limit for first-time homebuyers from individual retirement plans.
Raises the current limit from $10,000 to $25,000 for first-time homebuyer distributions.
Introduces an inflation adjustment mechanism for the $25,000 limit starting in taxable years after 2025.
The inflation adjustment will be based on the cost-of-living adjustments and rounded to the nearest multiple of $100.
The changes will take effect for distributions made on or after December 31, 2024.