HR 3024
105th Congress
House
Taxation
Employee benefit plans
Excise tax
Government Operations and Politics
Government paperwork
Home ownership
Housing and Community Development
Housing finance
Income tax
Labor and Employment
Law
Personal income tax
Tax deductions
Tax exclusion
Tax exemption
Tax penalties
Trusts and trustees
Restore American Dream Act of 1997
Introduced: November 12, 1997
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 12, 1997
Referred to the House Committee on Ways and Means.
Nov 12, 1997
Introduced in House
Plain-English summary
Restore American Dream Act of 1997 - Amends the Internal Revenue Code to permit, in the case of an individual who has never had an ownership interest in a principal residence, a limited deduction for amounts paid into a home ownership plan. Defines such a plan as a trust created exclusively for the purpose of paying qualified principal residence acquisition expenses. Excludes qualified distributions from such a plan from gross income. Exempts such a plan from taxation.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1