H.R. 5575 · 114th Congress
First-Time Homebuyer Savings Account Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CoffmanSponsor2 cosponsors · 1 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to provide for tax-preferred savings accounts for first-time homebuyers. An individual may make up to $14,000 per year in after-tax contributions to the account, subject to a $50,000 lifetime contribution limit, a $150,000 limit on the fair market value of the account, and adjustments for inflation after 2017.
What it does: CRS summary · Introduced in House · Jun 24, 2016
First-Time Homebuyer Savings Account Act of 2016
This bill amends the Internal Revenue Code to provide for tax-preferred savings accounts for first-time homebuyers. An individual may make up to $14,000 per year in after-tax contributions to the account, subject to a $50,000 lifetime contribution limit, a $150,000 limit on the fair market value of the account, and adjustments for inflation after 2017.
Distributions from the account that are used to pay the qualified principal residence purchase expenditures of the designated beneficiary are excluded from gross income. A "qualified principal residence purchase expenditure" is, with respect to a designated beneficiary who is a first-time homebuyer, any amount: (1) paid toward the purchase price of a principal residence of the beneficiary, (2) required to be paid to settle the purchase of such residence, or (3) required to be paid by the beneficiary to obtain acquisition indebtedness with respect to the residence.
Excess contributions to the account, distributions that exceed the qualified principal residence purchase expenditures of the beneficiary, and distributions that are not used for first-time homebuyer purposes are subject to specified taxes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: First-Time Homebuyer Savings Account Act of 2016
Latest action (Jun 24, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 24, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.