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First Time Homebuyer Pandemic Savings Act

USA116th CongressHR-7645| House 
| Updated: 7/16/2020
Sean Patrick Maloney

Sean Patrick Maloney

Democratic Representative

New York

Cosponsors (2)
Jahana Hayes (Democratic)Michael F. Q. San Nicolas (Democratic)

Ways and Means Committee, Social Security Subcommittee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
First Time Homebuyer Pandemic Savings Act This bill extends for one year the exemption from the penalty for early distributions from tax-preferred retirement plans for distributions related to COVID-19 (i.e., coronavirus disease 2019). It also excludes from gross income COVID-19-related distributions which are first-time homebuyer distributions up to $25,000 in a taxable year.
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Timeline
Jul 16, 2020
Introduced in House
Jul 16, 2020
Referred to the House Committee on Ways and Means.
Jul 16, 2020
Referred to the Subcommittee on Social Security.
  • July 16, 2020
    Introduced in House
  • July 16, 2020
    Referred to the House Committee on Ways and Means.
  • July 16, 2020
    Referred to the Subcommittee on Social Security.

Taxation

Cardiovascular and respiratory healthEmergency medical services and trauma careEmployee benefits and pensionsHousing finance and home ownershipIncome tax deferralIncome tax exclusionInfectious and parasitic diseases

First Time Homebuyer Pandemic Savings Act

USA116th CongressHR-7645| House 
| Updated: 7/16/2020
First Time Homebuyer Pandemic Savings Act This bill extends for one year the exemption from the penalty for early distributions from tax-preferred retirement plans for distributions related to COVID-19 (i.e., coronavirus disease 2019). It also excludes from gross income COVID-19-related distributions which are first-time homebuyer distributions up to $25,000 in a taxable year.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 16, 2020
Introduced in House
Jul 16, 2020
Referred to the House Committee on Ways and Means.
Jul 16, 2020
Referred to the Subcommittee on Social Security.
  • July 16, 2020
    Introduced in House
  • July 16, 2020
    Referred to the House Committee on Ways and Means.
  • July 16, 2020
    Referred to the Subcommittee on Social Security.
Sean Patrick Maloney

Sean Patrick Maloney

Democratic Representative

New York

Cosponsors (2)
Jahana Hayes (Democratic)Michael F. Q. San Nicolas (Democratic)

Ways and Means Committee, Social Security Subcommittee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Cardiovascular and respiratory healthEmergency medical services and trauma careEmployee benefits and pensionsHousing finance and home ownershipIncome tax deferralIncome tax exclusionInfectious and parasitic diseases