HR 7645
First Time Homebuyer Pandemic Savings Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the First Time Homebuyer Pandemic Savings Act, extends for one year the ability to take penalty-free withdrawals from retirement accounts due to COVID-19. It also provides a tax break for first-time homebuyers who use funds from their retirement accounts to purchase a home, up to $25,000. These provisions are based on the CARES Act and aim to support housing affordability during and after the pandemic.
Sponsors
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Primary sponsor
Sean Patrick Maloney
Cosponsors
Michael F. Q. [D-GU-At Large] San Nicolas
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