To amend the Internal Revenue Code of 1986 to allow tax-free withdrawals from individual retirement accounts for use in purchasing a first home.

Summary

Amends the Internal Revenue Code to exclude from the gross income of a first-time homebuyer the amount of any individual retirement plan distributions used within a reasonable period to purchase, construct, or reconstruct a principal residence. Limits such distribution to the excess of $15,000 over the aggregated amount so treated for all prior taxable years. Excludes such distributions from the penalty for early withdrawals from retirement plans.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 November 1991

  Open at official source

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