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HR 243 101th Congress House Taxation Home ownership Housing and Community Development Housing finance Income tax Individual retirement accounts Tax exclusion

To amend the Internal Revenue Code of 1986 to allow first-time home buyers to make withdrawals from their individual retirement accounts for the purpose of acquiring, constructing, or reconstructing…

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To amend the Internal Revenue Code of 1986 to allow first-time home buyers to make withdrawals from their individual retirement accounts for the purpose of acquiring, constructing, or reconstructing a principal residence, without incurring any tax.

Introduced: January 3, 1989 See on congress.gov
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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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 Plain-English summary Congressional Research Service

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 30 days to purchase, construct, or reconstruct a principal residence.

What's happening now January 3, 1989

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Smith, Christopher H.
New Jersey · Mar 23, 1989
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 243: To amend the Internal Revenue Code of 1986 to allow first-time home buyers to make withdrawals from their individual retirement accounts for the purpose of acquiring, constructing, or reconstructing a principal residence, without incurring any tax.. 101st Congress. Open America. https://openamerica.io/bill/101-HR-243/
MLA
"H.R. 243: To amend the Internal Revenue Code of 1986 to allow first-time home buyers to make withdrawals from their individual retirement accounts for the purpose of acquiring, constructing, or reconstructing a principal residence, without incurring any tax.." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-HR-243/.
Bluebook (legal)
H.R. 243, 101st Cong. (2026), https://openamerica.io/bill/101-HR-243/.
Markdown link
[H.R. 243: To amend the Internal Revenue Code of 1986 to allow first-time home buyers to make withdrawals from their individual retirement accounts for the purpose of acquiring, constructing, or reconstructing a principal residence, without incurring any tax.](https://openamerica.io/bill/101-HR-243/)
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