Increased support for first-time homebuyers: higher retirement account withdrawals.
This act raises the amount first-time homebuyers can withdraw from retirement accounts without penalty, from $10,000 to $50,000. This aims to make it easier for citizens to gather funds for a down payment, potentially accelerating their purchase of a home. These changes will apply to taxable years beginning after December 31, 2024.
Key points
Increased limit for penalty-free retirement account withdrawals for first-time homebuyers from $10,000 to $50,000.
Facilitates access to down payment funds for individuals purchasing their first home.
Changes are effective for taxable years beginning after December 31, 2024.
Status:
Introduced
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