This bill amends section 72(t)(8)(B)(i) of the Internal Revenue Code. It strikes "$10,000" and inserts "$50,000," increasing the dollar limit on qualified first-time homebuyer distributions. The change applies to taxable years beginning after December 31, 2024.
If you qualify for a "qualified first-time homebuyer distribution" under the cited tax code section, the maximum amount referenced in that section would be $50,000 instead of $10,000. The bill text only changes the dollar limit. No publicly available information on other changes to eligibility, reporting, or related requirements.
No publicly available information on budgetary effects, federal revenue changes, or costs in the bill text or provided metadata.
No publicly available information in the bill text or provided metadata about proponents' stated reasons or arguments.
No publicly available information in the bill text or provided metadata about opponents' stated reasons or arguments.