To amend the Internal Revenue Code of 1986 to permit tax-free withdrawals from individual retirement plans, section 401(k) plans, and section 403(b) contracts 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

11 January 1991

Last action

11 January 1991 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Thomas, William M. [R-CA-21], Rep. Bereuter, Doug [R-NE-1], Rep. Baker, Richard H. [R-LA-6], Rep. Herger, Wally [R-CA-2], Rep. Mink, Patsy T. [D-HI-2], Rep. Stenholm, Charles W. [D-TX-17], Rep. Burton, Dan [R-IN-5], Rep. Horton, Frank J. [R-NY-29], Rep. Roe, Robert A. [D-NJ-8], Rep. Ravenel, Arthur, Jr. [R-SC-1], Rep. Schiff, Steven [R-NM-1], Rep. Livingston, Bob [R-LA-1], Rep. Smith, Lamar [R-TX-21], Sen. Snowe, Olympia J. [R-ME], Rep. Hyde, Henry J. [R-IL-6], Rep. Lewis, Thomas F. [R-FL-12], Rep. Jefferson, William J. [D-LA-2], Rep. DeLay, Tom [R-TX-22], Rep. Eckart, Dennis E. [D-OH-11], Rep. Cox, Christopher [R-CA-48], Rep. Goss, Porter J. [R-FL-14], Sen. Thomas, Craig [R-WY], Rep. Frost, Martin [D-TX-24], Sen. Torricelli, Robert G. [D-NJ], Rep. Zimmer, Dick [R-NJ-12], Rep. Lipinski, William O. [D-IL-3], Sen. Santorum, Rick [R-PA], Rep. Quillen, James H. (Jimmy) [R-TN-1], Rep. Machtley, Ronald K. [R-RI-1], Rep. Meyers, Jan [R-KS-3], Rep. Boehner, John A. [R-OH-8], Rep. Dornan, Robert K. [R-CA-46], Rep. Packard, Ron [R-CA-48]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official source Download file View documents Share

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

11 January 1991
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
11 January 1991
Introduced
Introduced in House
Source: IntroReferral
11 January 1991
Introduced
Introduced in House
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in House · — · Download file

Documents

2 official files

Introduced in House (text)

View file Download file

This file cannot be previewed here. Use View or Download.

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.

Introduced in House (text)
Introduced in House · EN
View Download Open at official source
Introduced in House
summary · EN · 11 January 1991
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

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/102nd-congress/house-bill/519
Open data entity: https://api.congress.gov/v3/bill/102/hr/519
us · 102-hr-519 · source updated 7 February 2024