H.R. 1052 — Introduced in House

I 118th CONGRESS 1st Session H. R. 1052 IN THE HOUSE OF REPRESENTATIVES February 14, 2023Ms. Van Duyne introduced the following bill; which was referred to the Committee on Ways and Means A BILL To 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.