Bill Sponsor
BILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 2808
115th Congress(2017-2018)
First Time Homeowner Savings Plan Act
Introduced
Introduced
Introduced in House on Jun 7, 2017
Overview
Text
Introduced in House 
Jun 7, 2017
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Introduced in House(Jun 7, 2017)
Jun 7, 2017
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Jump To
H. R. 2808 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 2808


To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.

IN THE HOUSE OF REPRESENTATIVES

June 7, 2017

Mr. Sean Patrick Maloney of New York (for himself and Mr. Coffman) 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To amend the Internal Revenue Code of 1986 to increase the amount that can be withdrawn without penalty from individual retirement plans as first-time homebuyer distributions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

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

SEC. 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 2018, the $25,000 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 2017’ 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 December 31, 2017, in taxable years ending after such date.