Uplifting First-Time Homebuyers Act of 2021

H.R. 4165 · 117th Congress · Jun 24, 2021 · Lineage

A BILL

To amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes.

This Act may be cited as the “Uplifting First-Time Homebuyers Act of 2021”.

(a)

In general— Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking “$10,000” and inserting “$20,000”.

(b)

Effective date— The amendment made by this Act shall apply to taxable years beginning after December 31, 2020.