HENDERSON, Ky. (WEHT) - U.S. Senator Todd Young introduced the "Uplifting First-Time Homebuyers Act," which is legislation intended to help more Americans buy their first home by increasing the Individual Retirement Account (IRA) tax exception withdrawal limit for first-time homebuyers.

“Homeownership is critical to strengthening families, building generational wealth and cultivating stronger communities. By updating the IRA withdrawal limits to better match the realities of today’s economy, our bill will unlock more opportunities for Americans to become homeowners and invest in their future,” said Senator Young.

Sen. Young says in 1997, Congress created a tax provision allowing first-time homebuyers to withdraw up to $10,000 from their IRAs without incurring the standard 10% early withd

See Full Page