H0126B3133A05224 AJB:CDM 06/26/24 #90 A05224
AMENDMENTS TO HOUSE BILL NO. 126
Sponsor: REPRESENTATIVE B. MILLER
Printer's No. 3133
Amend Bill, page 9, by inserting between lines 20 and 21
"Ineligible use." The sale or lease of a single-family
residence within three years of the settlement date.
Amend Bill, page 9, by inserting between lines 25 and 26
"Settlement date." The date on which a seller in a real
estate transaction executes a deed or signs a settlement
statement, whichever occurs later, to convey title to a
purchaser.
Amend Bill, page 16, line 2, by inserting before "IF"
(a) Other than eligible costs.--
Amend Bill, page 16, by inserting between lines 17 and 18
(b) Ineligible costs.--If an account holder or qualified
beneficiary withdraws any amount from an account and uses the
withdrawal for an ineligible use, the entire amount withdrawn
shall be included in the account holder's taxable income as
interest income under Article III of the Tax Reform Code of 1971
for the tax year the withdrawal was made. The department may
waive the taxable income requirement under this subsection if
the account holder or qualified beneficiary uses the withdrawal
for an ineligible use due to any of the following:
(1) Loss of household income as a result of the
termination of employment, which was not caused by the
personal actions of the account holder or qualified
beneficiary.
(2) Loss of an income earner in the household.
(3) Transfer for employment purposes.
(4) Any other economic or personal hardship.
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