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HR 239 101th Congress House

First-Time Home Buyer's Act of 1989

Official title: To amend the Internal Revenue Code of 1986 to allow an individual to withdraw up to $5,000 from an individual retirement account for the purchase of a principal residence by a first-time home buyer.

Introduced: April 5, 1989 See on congress.gov
Taxation Home ownershipHousing and Community DevelopmentHousing financeIncome tax
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Individual retirement accountsTax exclusion
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This bill died when the 101st Congress ended
It never became law before the 101st Congress (1989–1990) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 3, 1989
Referred to the House Committee on Ways and Means.
Jan 3, 1989
Introduced in House
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 Latest action January 3, 1989

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

First-Time Home Buyer's Act of 1989 - Amends the Internal Revenue Code to spread over a ten-year period the taxation of up to $5,000 of individual retirement plan distributions used by a first-time homebuyer within 90 days to purchase, construct, or reconstruct a dwelling that will be used as the taxpayer's principal residence for at least three years.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3
D
Schumer, Charles E.
New York · Apr 5, 1989
 D
Mfume, Kweisi
Maryland · Feb 7, 1989
 D
Pelosi, Nancy
California · Feb 7, 1989
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 239: First-Time Home Buyer's Act of 1989. 101st Congress. Open America. https://openamerica.io/bill/101-HR-239/
MLA
"H.R. 239: First-Time Home Buyer's Act of 1989." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-HR-239/.
Bluebook (legal)
H.R. 239, 101st Cong. (2026), https://openamerica.io/bill/101-HR-239/.
Markdown link
[H.R. 239: First-Time Home Buyer's Act of 1989](https://openamerica.io/bill/101-HR-239/)
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