118 HR 1052 IH: Uplifting First-Time Homebuyers Act of 2023 U.S. House of Representatives 2023-02-14 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.

I118th CONGRESS1st SessionH. R. 1052IN THE HOUSE OF REPRESENTATIVESFebruary 14, 2023Ms. Van Duyne introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to increase the limitation on qualified first-time homebuyer distributions, and for other purposes.

1.

Short title

This Act may be cited as the Uplifting First-Time Homebuyers Act of 2023.

2.

Increasing the limitation on qualified first-time homebuyer distributions

(a)

In general

Section 72(t)(8)(B)(i) of the Internal Revenue Code of 1986 is amended by striking $10,000 and inserting $30,000.(b)

Effective date

The amendment made by this Act shall apply to taxable years beginning after December 31, 2022.