[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1052 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 1052

 To amend the Internal Revenue Code of 1986 to increase the limitation 
    on qualified first-time homebuyer distributions, and for other 
                               purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2023

Ms. Van Duyne introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
    on qualified first-time homebuyer distributions, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
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