To provide for legislation that allows for a temporary suspension of the 10 percent tax penalty in order for struggling families to make an early withdrawal from their qualified retirement accounts to pay their monthly mortgage payments.
What it does: Rewrites page 40, lines 9–22
Sen. Tom Coburn (R-OK)Rewrites page 40, lines 9–22
ReplacesPrinted pageRemoves page 40, lines 9–22 of the printed bill. See that page
Inserted: (f) Housing Assistance.--The Chairman of the Senate Committee on the Budget may revise the allocations of a committee or committees, aggregates, and other appropriate levels and limits in this resolution for one or more bills, joint resolutions, amendments, motions, or conference reports related to housing assistance, which may include low income rental assistance, assistance provided through the Housing Trust Fund created under section 1131 of the Housing and Economic Recovery Act of 2008, and legislation that allows for a temporary suspension of the 10 percent tax penalty in order for struggling families to make an early withdrawal from their qualified retirement accounts to pay their monthly mortgage payments, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2009 through 2014 or the period of the total of fiscal years 2009 through 2019.
Original wording
On page 40, strike lines 9 through 22 and insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
On page 40, strike lines 9 through 22 and insert the following:
(f) Housing Assistance.--The Chairman of the Senate Committee on the Budget may revise the allocations of a committee or committees, aggregates, and other appropriate levels and limits in this resolution for one or more bills, joint resolutions, amendments, motions, or conference reports related to housing assistance, which may include low income rental assistance, assistance provided through the Housing Trust Fund created under section 1131 of the Housing and Economic Recovery Act of 2008, and legislation that allows for a temporary suspension of the 10 percent tax penalty in order for struggling families to make an early withdrawal from their qualified retirement accounts to pay their monthly mortgage payments, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2009 through 2014 or the period of the total of fiscal years 2009 through 2019.
Legislative Activity
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Senate amendment agreed to: Amendment SA 830 agreed to in Senate by Unanimous Consent.
April 2, 2009
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Senate amendment agreed to: Amendment SA 830 agreed to in Senate by Unanimous Consent.
April 2, 2009
Senate amendment proposed (on the floor): Amendment SA 830 proposed by Senator Conrad for Senator Coburn.(consideration: CR S4284-4285; text: CR S4284)
April 2, 2009
Amendment SA 830 proposed by Senator Conrad for Senator Coburn. (consideration: CR S4284-4285; text: CR S4284) To provide for legislation that allows for a temporary suspension of the 10 percent tax penalty in order for struggling families to make an early withdrawal from their qualified retirement accounts to pay their monthly mortgage payments.
April 2, 2009
Amendment SA 830 agreed to in Senate by Unanimous Consent.
April 2, 2009
Senate amendment submitted
April 1, 2009