To amend the Internal Revenue Code of 1986 to permit tax-free withdrawals from individual retirement plans or section 401(k) plans for the acquisition of the first principal residence of the taxpayer or a member of the taxpayer's family.

referredUnited States· United States Congress· EN

Introduced

14 March 1989

Last action

14 March 1989 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Thomas, William M. [R-CA-21], Rep. Pashayan, Charles, Jr. [R-CA-17], Rep. Collins, Cardiss [D-IL-7], Rep. Erdreich, Ben [D-AL-6], Rep. Hiler, John Patrick [R-IN-3], Rep. Dannemeyer, William E. [R-CA-39], Rep. Crane, Philip M. [R-IL-8], Rep. Lent, Norman F. [R-NY-4], Rep. Grandy, Fred [R-IA-6], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Herger, Wally [R-CA-2], Sen. Campbell, Ben Nighthorse [R-CO], Rep. Dwyer, Bernard J. [D-NJ-6], Rep. Meyers, Jan [R-KS-3], Rep. Atkins, Chester G. [D-MA-5], Rep. Dymally, Mervyn M. [D-CA-31], Rep. Lowery, Bill [R-CA-41], Rep. Fish, Hamilton, Jr. [R-NY-19], Rep. Packard, Ron [R-CA-48], Rep. Martinez, Matthew G. [D-CA-31], Rep. Brennan, Joseph E. [D-ME-1], Rep. Campbell, Tom [R-CA-15], Sen. Snowe, Olympia J. [R-ME], Sen. Kyl, Jon [R-AZ], Rep. Madigan, Edward R. [R-IL-15], Rep. Cox, Christopher [R-CA-48], Rep. Mrazek, Robert J. [D-NY-3], Rep. Ritter, Don [R-PA-15], Sen. Smith, Bob [R-NH]

Subjects

Taxation

Source updated

7 February 2024

Taxation

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Summary

Amends the Internal Revenue Code to exclude from the gross income of an individual up to $10,000 of distributions from an individual retirement account or qualified pension plan used within 180 days to purchase a residence that will be the first residence in which the taxpayer has a present ownership interest. Reduces the excludible amount for taxpayers with adjusted gross income above $30,000 ($50,000 for joint returns). Exempts from the penalty tax on early distributions from qualified retirement plans comparable withdrawals used to purchase the first residence in which the taxpayer's child has a present ownership interest.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

14 March 1989
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
14 March 1989
Introduced
Introduced in House
Source: IntroReferral
14 March 1989
Introduced
Introduced in House
Source: IntroReferral

Votes

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Versions

Introduced in House · — · Download file

Documents

2 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN
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Introduced in House
summary · EN · 14 March 1989
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

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Sources

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Official source: https://www.congress.gov/bill/101st-congress/house-bill/1406
Open data entity: https://api.congress.gov/v3/bill/101/hr/1406
us · 101-hr-1406 · source updated 7 February 2024