Allows tax-free distributions from qualified tuition programs for first home purchases.
The Unlocking Homeownership Act amends the Internal Revenue Code to allow distributions from qualified tuition programs for first home purchases. This applies to first-time homebuyers who use the distribution to pay qualified acquisition costs. The bill also provides a special rule for delays in the purchase or construction of the residence, allowing the amount to be transferred to another qualified tuition program or an ABLE account. The changes apply to distributions made after the enactment of this Act.
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