First-Time Home Buyer Empowerment Act
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Summary
The bill amends the Internal Revenue Code to allow distributions from long-term qualified tuition (529) programs to be used, without the usual non-qualified-withdrawal penalty treatment, for the purchase of a principal residence by a first-time homebuyer who is the program's designated beneficiary. Eligible distributions are capped at $35,000 per beneficiary over their lifetime, must be used within 60 days (or 120 days if the purchase is delayed or cancelled), and are subject to a recapture tax if the home is disposed of or ceases to be the principal residence within five years, reduced by 20 percent for each full year held. The changes apply to distributions in taxable years beginning after enactment.
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How your representatives voted
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