HR 7468
First-Time Home Buyer Empowerment Act
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The First-Time Home Buyer Empowerment Act proposes to allow first-time homebuyers to use distributions from long-term qualified tuition savings programs (529 plans) to purchase a principal residence. It modifies existing tax rules to permit these distributions, subject to certain limitations and conditions, including a maximum amount of $35,000 and a requirement to use the funds within 60 days. The bill also includes provisions to address potential delays in home purchases and recapture of tax benefits if the home is sold before a certain timeframe.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
James C. [R-GU-At Large] Moylan
John J. McGuire
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.