HR 352
102th Congress
House
Taxation
Capital gains tax
Home ownership
Housing and Community Development
Housing finance
Income tax
Individual retirement accounts
Tax exclusion
Tax-deferred compensation plans
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, 1991
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 3, 1991
Referred to the House Committee on Ways and Means.
Jan 3, 1991
Introduced in House
Plain-English summary
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. Reduces a residence's basis by the amount of such distribution for purposes of determining gain or loss upon disposition.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1