Referred to the House Committee on Ways and Means.
Summary
The bill changes the tax code so that money in a 529 college‑savings plan can be taken out to buy a first‑time buyer’s principal residence, provided the account has been open for at least 15 years and the withdrawal does not exceed the amount contributed before the last five years, up to $35,000. The benefit ends if the home is sold or no longer the primary residence within five years, triggering a tax recapture. The amendment also coordinates this rule with existing limits on 529‑to‑Roth IRA rollovers.
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