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Referenced Laws
Section 4975(d)
Section 72(p)(2)
Section 1
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 2
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 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: 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)). The amendment made by this section shall apply to transactions occurring after the date of the enactment of this Act. (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))..
Section 3
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 adding at the end the following new subparagraph: In the case of a loan described in subparagraph (B)(ii), subparagraph (A)(ii) shall be applied by substituting $50,000 for $10,000. The amendment made by this section shall apply to loans made after the date of the enactment of this Act. (F)Increased amount in the case of acquisition of dwelling unitIn the case of a loan described in subparagraph (B)(ii), subparagraph (A)(ii) shall be applied by substituting $50,000 for $10,000. .