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I
116TH CONGRESS
2D SESSION
H. R. 7645
To extend the time period for making coronavirus-related distributions from
retirement plans and to provide an exclusion from gross income of
coronavirus-related distributions which are first-time homebuyer distribu-
tions.
IN THE HOUSE OF REPRESENTATIVES
JULY 16, 2020
Mr. SEAN PATRICK MALONEY of New York introduced the following bill;
which was referred to the Committee on Ways and Means
A BILL
To extend the time period for making coronavirus-related
distributions from retirement plans and to provide an
exclusion from gross income of coronavirus-related dis-
tributions which are first-time homebuyer distributions.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘First Time Homebuyer
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Pandemic Savings Act’’.
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•HR 7645 IH
SEC.
2.
EXTENSION
OF
PERIOD
FOR
MAKING
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CORONAVIRUS-RELATED
DISTRIBUTIONS
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FROM RETIREMENT PLANS.
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(a) IN GENERAL.—Section 2202(a)(4)(A)(i) of the
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CARES Act is amended by striking ‘‘December 31, 2020’’
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and inserting ‘‘December 31, 2021’’.
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(b) EFFECTIVE DATE.—The amendment made by
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this section shall apply to distributions made after Decem-
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ber 31, 2020.
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SEC.
3.
EXCLUSION
FROM
GROSS
INCOME
OF
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CORONAVIRUS-RELATED
DISTRIBUTIONS
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WHICH ARE FIRST-TIME HOMEBUYER DIS-
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TRIBUTIONS.
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(a) IN GENERAL.—Section 2202(a) of the CARES
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Act is amended by adding at the end the following new
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paragraph:
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‘‘(7) EXCLUSION
FROM
GROSS
INCOME
OF
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CORONAVIRUS-RELATED DISTRIBUTIONS WHICH ARE
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FIRST-TIME HOMEBUYER DISTRIBUTIONS.—
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‘‘(A) IN
GENERAL.—Gross income shall
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not include any coronavirus-related distribution
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which is a qualified first-time homebuyer dis-
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tribution (as defined in section 72(t)(8)(A) of
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the Internal Revenue Code of 1986).
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‘‘(B) DOLLAR
LIMITATION.—The aggre-
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gate amount taken into account as qualified
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•HR 7645 IH
first-time homebuyer distributions by any indi-
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vidual under subparagraph (A) for any taxable
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year shall not exceed the excess (if any) of—
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‘‘(i) $25,000, over
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‘‘(ii) the aggregate amount so taken
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into account in all prior taxable years.’’.
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(b) EFFECTIVE DATE.—The amendment made by
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this section shall apply to distributions made after the
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date of the enactment of this Act.
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Æ
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