1. Short title
This Act may be cited as the “First Time Homebuyer Pandemic Savings Act”.
First Time Homebuyer Pandemic Savings Act
A BILL
To extend the time period for making coronavirus-related distributions from retirement plans and to provide an exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions.
2. Extension of period for making coronavirus-related distributions from retirement plans
3. Exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions
In general— Section 2202(a) of the CARES Act is amended by adding at the end the following new paragraph:
“(7) Exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions
“(A) In general—Gross income shall not include any coronavirus-related distribution which is a qualified first-time homebuyer distribution (as defined in section 72(t)(8)(A) of the Internal Revenue Code of 1986).
“(B) Dollar limitation—The aggregate amount taken into account as qualified first-time homebuyer distributions by any individual under subparagraph (A) for any taxable year shall not exceed the excess (if any) of—
“(i) $25,000, over
“(ii) the aggregate amount so taken into account in all prior taxable years.”
Effective date— The amendment made by this section shall apply to distributions made after the date of the enactment of this Act.