,i #aaith ,,congress #b;d ,session ,h4 ,r4 #gdjb ,,in ,,the ,,house ,,of ,,representatives ,february #e1 #bjbf,mr4 ,moore of ,north ,carolina 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 allow distributions from qualified tuition programs for first home purchases1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,unlocking ,homeownership ,act4 #b4 ,allowance of distributions from qualified tuition programs for first home purchases 7a7 ,in general ,section #ebi7;c77#c7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,f7 ,distributions for first home purchases 7i7 ,in general ,subparagraph 7,a7 shall not apply to any qualified first-time homebuyer distribution4 7ii7 ,qualified first-time homebuyer distribution ,for purposes of this subparagraph1 the term qualified first-time homebuyer distribution means any distribution from a qualified tuition program of a designated beneficiary which is received by such beneficiary to the extent such distribution is used by the beneficiary before the close of the #abjth day after the day on which such distribution is received to pay qualified acquisition costs with respect to a principal residence of a first-time homebuyer who is such beneficiary1 the spouse of such beneficiary1 or any child1 grandchild1 or ancestor of such beneficiary or the beneficiary's spouse4 7iii7 ,qualified acquisition costs ,for purposes of this subparagraph1 the term qualified acquisition costs has the meaning given that term in section #gb7t77#h74 7iv7 ,first-time homebuyer2 other definitions ,for purposes of this subparagraph-- 7,i7 ,first-time homebuyer ,the term first-time homebuyer means any individual if such individual 7and if married1 such individual's spouse7 had no present ownership interest in a principal residence during the #b-year period ending on the date of acquisition of the principal residence to which clause 7ii7 applies4 7,,ii7 ,principal residence ,the term principal residence has the same meaning as when used in section #aba4 7,,iii7 ,date of acquisition ,the term date of acquisition means the date on which a binding contract to acquire the principal residence to which clause 7ii7 applies is entered into1 or on which construction or reconstruction of such a principal residence is commenced4 7v7 ,special rule where delay in acquisition ,if any distribution from a qualified tuition program fails to meet the requirements of clause 7ii7 solely by reason of a delay or cancellation of the purchase or construction of the residence1 the amount of the distribution may be transferred to another qualified tuition program of the designated beneficiary as provided in subparagraph 7,c77i77,i71 or an ,,able account of such beneficiary as provided in subparagraph 7,c77i77,,iii71 determined by substituting #abj days for #fj days in subparagraph 7,c77i71 except that-- 7,i7 subparagraph 7,c77iii7 shall not be applied to such transfer1 and 7,,ii7 such amount shall not be taken into account in determining whether subparagraph 7,c77iii7 applies to any other amount4 7vi7 ,recontributions 7,i7 ,general rule ,any designated beneficiary who received a qualified distribution may1 during the applicable period1 make one or more contributions in an aggregate amount not to exceed the amount of such qualified distribution to any qualified tuition program or ,,able account of such beneficiary to which a transfer of such distribution could be made under subclause 7,i7 or 7,,iii7 of subparagraph 7,c77i74 7,,ii7 ,treatment of repayments ,for purposes of this paragraph1 if a contribution is made pursuant to subclause 7,i7 with respect to a qualified distribution1 then the designated beneficiary shall1 to the extent of the amount of the contribution1 be treated as having received the qualified distribution as a transfer under subparagraph 7,c77i7 within #fj days of the distribution4 7,,iii7 ,qualified distribution ,for purposes of this clause1 the term qualified distribution means any distribution which is a qualified first-time homebuyer distribution1 which was to be used to purchase or construct a principal residence in a qualified disaster area but was not so used on account of the qualified disaster with respect to such area1 and which was received during the period beginning on the date which is #ahj days before the first day of the incident period of such qualified disaster and ending on the date which is #cj days after the last day of such incident period4 7,,iv7 ,applicable period ,for purposes of this clause1 the term applicable period means1 in the case of a principal residence in a qualified disaster area with respect to any qualified disaster1 the period beginning on the first day of the incident period of such qualified disaster and ending on the date which is #ahj days after the applicable date with respect to such disaster4 7,v7 ,qualified disaster ,for purposes of this clause1 the term qualified disaster means any disaster with respect to which a major disaster has been declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act after the date of the enactment of this clause4 7,,vi7 ,qualified disaster area ,for purposes of this clause1 the term qualified disaster area means1 with respect to any qualified disaster1 the area with respect to which the major disaster was declared under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act4 7,,vii7 ,incident period ,for purposes of this clause1 the term incident period means1 with respect to any qualified disaster1 the period specified by the ,federal ,emergency ,management ,agency as the period during which such disaster occurred4 7,,viii7 ,applicable date ,for purposes of this clause1 the term applicable date means the latest of the date of the enactment of this subparagraph1 the first day of the incident period with respect to the qualified disaster1 or the date of the disaster declaration with respect to the qualified disaster4 4 7b7 ,effective date ,the amendment made by this section shall apply to distributions made after the date of the enactment of this ,act4