I 116th CONGRESS 2d Session H. R. 7645 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 distributions which are first-time homebuyer distributions.

1. Short title This Act may be cited as the First Time Homebuyer Pandemic Savings Act . 2. Extension of period for making coronavirus-related distributions from retirement plans (a) In general Section 2202(a)(4)(A)(i) of the CARES Act is amended by striking December 31, 2020 and inserting December 31, 2021 . (b) Effective date The amendment made by this section shall apply to distributions made after December 31, 2020. 3. Exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions (a) In general Section 2202(a) of the CARES Act is amended by adding at the end the following new paragraph: (7) Exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions (A) In general Gross income shall not include any coronavirus-related distribution which is a qualified first-time homebuyer distribution (as defined in section 72(t)(8)(A) of the Internal Revenue Code of 1986). (B) Dollar limitation The aggregate amount taken into account as qualified first-time homebuyer distributions by any individual under subparagraph (A) for any taxable year shall not exceed the excess (if any) of— (i) $25,000, over (ii) the aggregate amount so taken into account in all prior taxable years. . (b) Effective date The amendment made by this section shall apply to distributions made after the date of the enactment of this Act.