A bill to amend the Internal Revenue Code of 1986 to allow distributions from retirement plans to be used without penalty for purchase of a first home.

Summary

Amends the Internal Revenue Code to permit penalty-free withdrawals from individual retirement plans and certain other pension plans for first-time home purchases by taxpayers, their children, or their grandchildren. Requires the use of the distribution within 60 days of distribution. Defines a first-time homebuyer as one who had no present ownership interest in a principal residence during the two years before its acquisition.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 23 January 1992

  Open at official source

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