530A(b)(2)(C). (2) Special rule For purposes of this subsection, any contribution which is distributed out of the first-time homeowner assistance account (as so defined) in a distribution to which the last sentence of section 530A(d)(6)(C) applies shall be treated as an amount not contributed. . (2) Section 26(b)(2) is amended by striking and at the end of subparagraph (X), by striking the period at the end of subparagraph (Y) and inserting , and , and by inserting after subparagraph (Y) the following: (Z) section 530A(d)(3)(A) (relating to additional tax on first-time homeowner assistance account distributions not used for qualified homeowner assistance). . (3) Penalty for Failure to File Reports Section 6693(a)(2) of such Code is amended by striking and at the end of subparagraph (E), by striking the period at the end of subparagraph (F) and inserting , and , and by inserting after subparagraph (F) the following: (G) section 530A(e) (relating to qualified first-time homeowner assistance program), and . (4) Section 877A of such Code is amended— (A) in subsection (e)(2) by inserting a qualified first-time homeowner assistance program (as defined in section 530A), after 530), , and (B) in subsection (g)(6) by inserting 530A(c)(3), after 529(c)(3), . (5) Section 4965(c) of such Code is amended by striking or at the end of paragraph (7), by striking the period at the end of paragraph (8) and inserting , or , and by inserting after paragraph (8) the following new paragraph: (9) a program described in section 530A. . (c) Clerical amendment The table of sections for part VIII of subchapter F of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 530A. Qualified first-time homeowner assistance program. . (d) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.