H.R.7468

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

Amends the Internal Revenue Code to allow certain distributions from long-term qualified tuition programs for first home purchases. The bill specifies that if a qualifying event occurs before the close of the 5-year period beginning on the date of the purchase of the principal residence, the designated beneficiary’s tax for the taxable year in which such qualifying event occurs shall be increased by an amount equal to the tax that would have been imposed, plus interest for the deferral period. The bill also includes an aggregate limitation on such distributions, not exceeding $35,000.