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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This 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., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Housing, Social Welfare.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section HAA7958C2AE30498BA0C000EA183F46ED: 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.
- Section H8FA3E5E243E94B388A68CBAD567A7727: 2. Transactions of individually directed accounts relating to residential property of a family member Section 4975(d) of the Internal Revenue Code of 1986 is...
- Section H0407673748AE486596BB487262E27746: 3. Increase in amount of loan from qualified employer plan for acquisition of dwelling unit Section 72(p)(2) of the Internal Revenue Code of 1986 is amended by...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This 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., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Housing, Social Welfare
Primary Purpose
This 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., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Legislative Progress
IntroducedMr. Curtis introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology