Allows tax-free distributions from qualified tuition programs for first home purchases if certain conditions are met.

The First-Time Home Buyer Empowerment Act amends the Internal Revenue Code to allow tax-free distributions from long-term qualified tuition programs for first home purchases. This applies to distributions from accounts maintained for at least 15 years, used within 60 days for the purchase of a principal residence by a first-time homebuyer. The aggregate amount of such distributions is capped at $35,000, reduced by any previous distributions under this rule. If the home is sold or ceases to be the principal residence within five years, a recapture tax applies.

Allows tax-free distributions from qualified tuition programs for first home purchases if certain conditions are met.

The First-Time Home Buyer Empowerment Act amends the Internal Revenue Code to allow tax-free distributions from long-term qualified tuition programs for first home purchases. This applies to distributions from accounts maintained for at least 15 years, used within 60 days for the purchase of a principal residence by a first-time homebuyer. The aggregate amount of such distributions is capped at $35,000, reduced by any previous distributions under this rule. If the home is sold or ceases to be the principal residence within five years, a recapture tax applies.