A bill to amend the Internal Revenue Code of 1954 to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence.

Summary

Amends the Internal Revenue Code to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence. Requires that ten percent of the amount withdrawn shall be included in the gross income of the distributee over a period of ten years beginning with the taxable year in which the distributee: (1) disposes of such principal residence or ceases to use it as a principal residence; or (2) attains the age of 59 1/2. Allows such withdrawals only if: (1) the amount withdrawn is used within 90 days for the purchase of the principal residence; (2) the individual retirement account was established at least 36 months before such withdrawal; (3) the trustee of such account is a qualified home mortgage institution; and (4) the trustee is given at least 60 days notice before such withdrawal.

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Timeline

1. 9 March 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 9 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 March 1983

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 9 March 1983

  Open at official source

Sponsors

• Rep. McEwen, Bob [R-OH-6] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence.