H.R. 5822, To amend the Internal Revenue Code of 1986 to waive the 10 percent penalty on withdrawals from qualified retirement plans upon receipt of notice of foreclosure on a principal residence

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H.R. 5822 would amend the Internal Revenue Code of 1986 to waive the 10 percent penalty on withdrawals from qualified retirement plans upon receipt of notice of foreclosure on a principal residence.

Detailed Summary

Amends the Internal Revenue Code to exempt a taxpayer from the 10% penalty on premature withdrawals from tax-exempt retirement plans if such taxpayer received a foreclosure notice relating to a mortgage on a principal residence and makes a withdrawal from a retirement account after July 31, 2007, and before January 1, 2011.

Status of the Legislation

Latest Major Action: 4/16/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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