H. R. 9994 aims to change the Internal Revenue Code of 1986 to help first-time homebuyers by increasing the amount of money they can take out of their retirement plans without facing penalties. The bill proposes raising the current limit from $10,000 to $25,000. It also...
Simple Explanation
Imagine you have a piggy bank just for retirement, and the government lets you take out more money from it, without a penalty, to help buy your first house—this bill wants to increase that amount from $10 to $25, and even more as things get more expensive over time.