| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 2748 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to increase the amount that |
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| 6 | 6 | | can be withdrawn without penalty from individual retirement plans as |
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| 7 | 7 | | first-time homebuyer distributions. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | APRIL8, 2025 |
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| 10 | 10 | | Ms. S |
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| 11 | 11 | | TEVENSintroduced the following bill; which was referred to the |
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| 12 | 12 | | Committee on Ways and Means |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To amend the Internal Revenue Code of 1986 to increase |
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| 15 | 15 | | the amount that can be withdrawn without penalty from |
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| 16 | 16 | | individual retirement plans as first-time homebuyer dis- |
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| 17 | 17 | | tributions. |
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| 18 | 18 | | Be it enacted by the Senate and House of Representa-1 |
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| 19 | 19 | | tives of the United States of America in Congress assembled, 2 |
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| 20 | 20 | | SECTION 1. SHORT TITLE. 3 |
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| 21 | 21 | | This Act may be cited as the ‘‘First Time Home-4 |
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| 22 | 22 | | owner Savings Plan Act’’. 5 |
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| 23 | 23 | | VerDate Sep 11 2014 23:16 Apr 16, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2748.IH H2748 |
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| 24 | 24 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 25 | 25 | | •HR 2748 IH |
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| 26 | 26 | | SEC. 2. INCREASE IN LIMITATION ON PENALTY-FREE 1 |
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| 27 | 27 | | FIRST-TIME HOMEBUYER DISTRIBUTIONS. 2 |
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| 28 | 28 | | (a) I |
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| 29 | 29 | | NGENERAL.—Section 72(t)(8)(B)(i) of the In-3 |
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| 30 | 30 | | ternal Revenue Code of 1986 is amended by striking 4 |
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| 31 | 31 | | ‘‘$10,000’’ and inserting ‘‘$25,000’’. 5 |
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| 32 | 32 | | (b) I |
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| 33 | 33 | | NFLATIONADJUSTMENT.—Section 72(t)(8) of 6 |
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| 34 | 34 | | such Code is amended by adding at the end the following 7 |
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| 35 | 35 | | new subparagraph: 8 |
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| 36 | 36 | | ‘‘(G) I |
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| 37 | 37 | | NFLATION ADJUSTMENT .—In the 9 |
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| 38 | 38 | | case of any taxable year beginning in a calendar 10 |
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| 39 | 39 | | year after 2026, the $25,000 amount in sub-11 |
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| 40 | 40 | | paragraph (B)(i) shall be increased by an 12 |
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| 41 | 41 | | amount equal to— 13 |
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| 42 | 42 | | ‘‘(i) such dollar amount, multiplied by 14 |
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| 43 | 43 | | ‘‘(ii) the cost-of-living adjustment de-15 |
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| 44 | 44 | | termined under section 1(f)(3) for the cal-16 |
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| 45 | 45 | | endar year in which the taxable year be-17 |
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| 46 | 46 | | gins, determined by substituting ‘calendar 18 |
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| 47 | 47 | | year 2025’ for ‘calendar year 2016’ in sub-19 |
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| 48 | 48 | | paragraph (A)(ii) thereof. 20 |
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| 49 | 49 | | Any increase determined under the preceding 21 |
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| 50 | 50 | | sentence shall be rounded to the nearest mul-22 |
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| 51 | 51 | | tiple of $100.’’. 23 |
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| 52 | 52 | | VerDate Sep 11 2014 23:16 Apr 16, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2748.IH H2748 |
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| 53 | 53 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 54 | 54 | | •HR 2748 IH |
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| 55 | 55 | | (c) EFFECTIVEDATE.—The amendments made by 1 |
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| 56 | 56 | | this section shall apply to distributions made December 2 |
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| 57 | 57 | | 31, 2025, in taxable years ending after such date. 3 |
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| 58 | 58 | | Æ |
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| 59 | 59 | | VerDate Sep 11 2014 23:16 Apr 16, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2748.IH H2748 |
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| 60 | 60 | | ssavage on LAPJG3WLY3PROD with BILLS |
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