,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #bhjh  ,,in ,,the ,,house ,,of  
,,representatives  ,june #g1 #bjag,mr4  
,sean ,patrick ,maloney of ,new ,york   
7for himself and ,mr4 ,coffman7         
introduced the following bill2 which was
 referred to the ,committee on ,ways and
 ,means  ,a ,,bill  ,to amend the       
,internal ,revenue ,code of #aihf to    
increase the amount that can be         
withdrawn without penalty from          
individual retirement plans as          
first-time homebuyer distributions4  #a4
 ,short title ,this ,act may be cited as
 the ,first ,time ,homeowner ,savings   
,plan ,act4  #b4 ,increase in limitation
 on penalty-free first-time homebuyer   
distributions  7a7 ,in general ,section 
#gb7t77#h77;,b77i7 of the ,internal     
,revenue ,code of #aihf is amended by   
striking #aj1jjj and inserting #be1jjj4 
7b7 ,inflation adjustment ,section      
#gb7t77#h7 of such ,code is amended by  
adding at the end the following new     
subparagraph3  7,f7 ,inflation          

adjustment ,in the case of any taxable  
year beginning in a calendar year after 
#bjah1 the #be1jjj amount in            
subparagraph 7,b77i7 shall be increased 
by an amount equal to--  7i7 such dollar
 amount1 multiplied by  7ii7 the        
cost-of-living adjustment determined    
under section #a7;f77#c7 for the        
calendar year in which the taxable year 
begins1 by substituting calendar year   
#bjag for calendar year #aiib4  ,any    
increase determined under the preceding 
sentence shall be rounded to the nearest
 multiple of #ajj4  4  7c7 ,effective   
date ,the amendments made by this       
section shall apply to distributions    
made ,december #ca1 #bjag1 in taxable   
years ending after such date4