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Uplifting First-Time Homebuyers Act of 2023

12/15/2023, 3:54 PM

Summary of Bill HR 1052

Bill 118 hr 1052, also known as the Uplifting First-Time Homebuyers Act of 2023, aims to provide support and assistance to first-time homebuyers in the United States. The bill includes several key provisions to help make the process of purchasing a home more accessible and affordable for individuals who are entering the housing market for the first time.

One of the main components of the bill is the establishment of a new tax credit for first-time homebuyers. This tax credit would provide financial assistance to individuals who are purchasing their first home, helping to offset some of the costs associated with buying a house. The bill also includes provisions to increase funding for down payment assistance programs, making it easier for first-time homebuyers to save up for a down payment on a home.

Additionally, the Uplifting First-Time Homebuyers Act of 2023 includes measures to streamline the homebuying process and reduce some of the barriers that can make it difficult for first-time buyers to navigate the housing market. This includes provisions to improve access to information about the homebuying process, as well as measures to increase transparency and accountability in the real estate industry. Overall, the Uplifting First-Time Homebuyers Act of 2023 is designed to make it easier for individuals who are looking to purchase their first home to do so. By providing financial assistance, increasing access to information, and streamlining the homebuying process, the bill aims to support first-time homebuyers and help them achieve the dream of homeownership.

Congressional Summary of HR 1052

Uplifting First-Time Homebuyers Act of 2023

This bill increases from $10,000 to $30,000 the maximum distribution amount from a tax-exempt pension plan allowed for a first-time home purchase without incurring a penalty.

Current Status of Bill HR 1052

Bill HR 1052 is currently in the status of Bill Introduced since February 14, 2023. Bill HR 1052 was introduced during Congress 118 and was introduced to the House on February 14, 2023.  Bill HR 1052's most recent activity was Referred to the House Committee on Ways and Means. as of February 14, 2023

Bipartisan Support of Bill HR 1052

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1052

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 1052

Uplifting First-Time Homebuyers Act of 2023
Uplifting First-Time Homebuyers Act of 2023
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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