HOMES Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9958 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 9958

     To amend the Internal Revenue Code of 1986 to permit certain 
transactions between individually directed accounts and account holders 
and their families relating to residential property and to increase the 
 amount of loans excepted from certain rules pertaining to loans from 
           qualified employer plans to the plan beneficiary.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 11, 2024

  Mr. Curtis introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to permit certain 
transactions between individually directed accounts and account holders 
and their families relating to residential property and to increase the 
 amount of loans excepted from certain rules pertaining to loans from 
           qualified employer plans to the plan beneficiary.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Ownership, Mortgage, and Equity 
Savings Act of 2024'' or the ``HOMES Act of 2024''.

SEC. 2. TRANSACTIONS OF INDIVIDUALLY DIRECTED ACCOUNTS RELATING TO 
              RESIDENTIAL PROPERTY OF A FAMILY MEMBER.

    (a) In General.--Section 4975(d) of the Internal Revenue Code of 
1986 is amended by striking ``or'' at the end of paragraph (24), by 
striking the period at the end of paragraph (25) and inserting ``, 
or'', and by adding at the end the following new paragraph:
            ``(26) in the case of an individually directed account the 
        investment of all or part of a plan's assets in, or a 
        transaction to purchase, sell, lease, or allow the use of 
        residential property as a primary residence to the account 
        beneficiary or such beneficiary's family (as defined in section 
        267(c)(4)).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to transactions occurring after the date of the enactment of this Act.

SEC. 3. INCREASE IN AMOUNT OF LOAN FROM QUALIFIED EMPLOYER PLAN FOR 
              ACQUISITION OF DWELLING UNIT.

    (a) In General.--Section 72(p)(2) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new subparagraph:
                    ``(F) Increased amount in the case of acquisition 
                of dwelling unit.--In the case of a loan described in 
                subparagraph (B)(ii), subparagraph (A)(ii) shall be 
                applied by substituting `$50,000' for `$10,000'.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to loans made after the date of the enactment of this Act.
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