legislation: 97-hr-5800

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
97-hr-5800 97 hr 5800 A bill to amend the Internal Revenue Code of 1954 to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence. Housing and Community Development 1982-03-10 1982-03-10 Referred to House Committee on Ways and Means. House Rep. Sawyer, Harold S. [R-MI-5] MI R S000087 25 Amends the Internal Revenue Code to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence. Requires that ten percent of the amount withdrawn shall be included in the gross income of the distributee over a period of ten years beginning with the taxable year in which the distributee: (1) disposes of such principal residence or ceases to use it as a principal residence; or (2) attains the age of 59 1/2. Allows such withdrawals only if: (1) the amount withdrawn is used within 90 days for the purchase of the principal residence; (2) the individual retirement account was established at least 36 months before such withdrawal; (3) the trustee of such account is a qualified home mortgage institution; and (4) the trustee is given at least 60 days notice before such withdrawal. 2024-02-07T16:32:33Z  

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