Section 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.
(a) In general
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:
(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)).
(b) Effective date
The amendment made by this section shall apply to transactions occurring after the date of the enactment of this Act.
(a) In general
Section 72(p)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
(F) Increased amount in the case of acquisition of dwelling unit
In the case of a loan described in subparagraph (B)(ii), subparagraph (A)(ii) shall be applied by substituting $50,000 for $10,000.
(b) Effective date
The amendment made by this section shall apply to loans made after the date of the enactment of this Act.