H.R. 7645, First Time Homebuyer Pandemic Savings Act
Summary
House bill 7645 of the 116th Congress, 2D Session, is the 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. Sean Patrick Maloney of New York introduced it on July 16, 2020, and it was referred to the Committee on Ways and Means. Section 2 amends the CARES Act by striking 'December 31, 2020' and inserting 'December 31, 2021'. Section 3 provides that gross income shall not include a coronavirus-related distribution which is a qualified first-time homebuyer distribution, subject to a limit of the excess of $25,000 over amounts taken into account in prior taxable years.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- Bills Bills 116Hr7645Ih Bills 116Hr7645Ih
- Case
- Bills Bills 116Hr7645Ih Bills 116Hr7645Ih
Cite this document
“H.R. 7645, First Time Homebuyer Pandemic Savings Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr7645ih-bills-116hr7645ih/
, SHA-256 5b3ea6004ae6555d402c0bfab87b38911af1a11d195a7261098c1ecf5c2f917e.Full text
I
116TH CONGRESS
2D SESSION
H. R. 7645
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 distribu-
tions.
IN THE HOUSE OF REPRESENTATIVES
JULY 16, 2020
Mr. SEAN PATRICK MALONEY of New York introduced the following bill;
which was referred to the Committee on Ways and Means
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 dis-
tributions which are first-time homebuyer distributions.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘First Time Homebuyer
5 Pandemic Savings Act’’.
pbinns on DSKJLVW7X2PROD with BILLS
VerDate Sep 11 2014 21:45 Aug 09, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7645.IH H7645
2
1 SEC. 2. EXTENSION OF PERIOD FOR MAKING
2 CORONAVIRUS-RELATED DISTRIBUTIONS
3 FROM RETIREMENT PLANS.
4 (a) IN GENERAL.—Section 2202(a)(4)(A)(i) of the
5 CARES Act is amended by striking ‘‘December 31, 2020’’
6 and inserting ‘‘December 31, 2021’’.
7 (b) EFFECTIVE DATE.—The amendment made by
8 this section shall apply to distributions made after Decem-
9 ber 31, 2020.
10 SEC. 3. EXCLUSION FROM GROSS INCOME OF
11 CORONAVIRUS-RELATED DISTRIBUTIONS
12 WHICH ARE FIRST-TIME HOMEBUYER DIS-
13 TRIBUTIONS.
14 (a) IN GENERAL.—Section 2202(a) of the CARES
15 Act is amended by adding at the end the following new
16 paragraph:
17 ‘‘(7) EXCLUSION FROM GROSS INCOME OF
18 CORONAVIRUS-RELATED DISTRIBUTIONS WHICH ARE
19 FIRST-TIME HOMEBUYER DISTRIBUTIONS.—
20 ‘‘(A) IN GENERAL.—Gross income shall
21 not include any coronavirus-related distribution
22 which is a qualified first-time homebuyer dis-
23 tribution (as defined in section 72(t)(8)(A) of
24 the Internal Revenue Code of 1986).
pbinns on DSKJLVW7X2PROD with BILLS
25 ‘‘(B) DOLLAR LIMITATION.—The aggre-
26 gate amount taken into account as qualified
•HR 7645 IH
VerDate Sep 11 2014 21:45 Aug 09, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7645.IH H7645
3
1 first-time homebuyer distributions by any indi-
2 vidual under subparagraph (A) for any taxable
3 year shall not exceed the excess (if any) of—
4 ‘‘(i) $25,000, over
5 ‘‘(ii) the aggregate amount so taken
6 into account in all prior taxable years.’’.
7 (b) EFFECTIVE DATE.—The amendment made by
8 this section shall apply to distributions made after the
9 date of the enactment of this Act.
Æ
pbinns on DSKJLVW7X2PROD with BILLS •HR 7645 IH
VerDate Sep 11 2014 21:45 Aug 09, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H7645.IH H7645
File and source
- File
- BILLS_bills-116hr7645ih_bills-116hr7645ih.pdf
- Size
- 230,977 bytes
- SHA-256
- 5b3ea6004ae6555d402c0bfab87b38911af1a11d195a7261098c1ecf5c2f917e
- Original
- www.govinfo.gov