H.R.7468

Allows certain distributions from long-term qualified tuition programs for first home purchases.

The First-Time Home Buyer Empowerment Act amends the Internal Revenue Code to allow certain distributions from long-term qualified tuition programs for first home purchases. If a distribution fails to meet the requirements solely due to a delay or cancellation of the purchase or construction of the residence, the amount may be contributed to a qualified tuition program or ABLE account of the beneficiary. The aggregate amount of such distributions is limited to $35,000, reduced by the aggregate amount of distributions to which this rule applies.