3.0.0 5575 2023-01-11T13:32:43Z 2023-01-11T13:32:43Z House HR 2016-06-24 114 [Congressional Record Volume 162, Number 102 (Friday, June 24, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. COFFMAN:H.R. 5575.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8:The Congress shall have Power To lay and collect Taxes,Duties, Imposts and Excise, to pay the Debts and provide forthe common Defense and general Welfare of the United States.[Page H4180]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-06-24T13:00:30Z 2016-06-24 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-06-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-06-24 Introduced in House IntroReferral 1000 9 Library of Congress C001077 Rep. Coffman, Mike [R-CO-6] Mike Coffman R CO 6 N M001185 Rep. Maloney, Sean Patrick [D-NY-18] Sean Maloney D NY Patrick 18 2016-06-24 True C001105 Rep. Comstock, Barbara [R-VA-10] Barbara Comstock R VA 10 2016-06-24 True Taxation Bank accounts, deposits, capital Housing finance and home ownership Income tax exclusion Taxation 00 2016-06-24 Introduced in House 2017-02-08T15:59:33Z 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.

]]> First-Time Homebuyer Savings Account Act of 2016 Display Title First-Time Homebuyer Savings Account Act of 2016 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide a tax-preferred savings account for first-time homebuyers. Introduced in House IH Short Titles as Introduced First-Time Homebuyer Savings Account Act of 2016 Introduced in House 2016-06-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5575ih/xml/BILLS-114hr5575ih.xml 2016-06-24 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.