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HR 984 105th Congress House

Individual Investment Account Act of 1997

Official title: To amend the Internal Revenue Code of 1986 to allow a deduction for contributions to individual investment accounts, and for other purposes.

Introduced: March 6, 1997 See on congress.gov
Taxation Capital gains taxEconomics and Public FinanceEstate taxFinance and Financial Sector
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Government Operations and PoliticsGovernment paperworkHome ownershipHousing and Community DevelopmentHousing financeIncome taxIndexing (Economic policy)LawPersonal income taxSavings accountsTax deductionsTax deferralTax exclusionTrusts and trustees
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 1997
Referred to the House Committee on Ways and Means.
Mar 6, 1997
Introduced in House
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 Latest action March 6, 1997

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Individual Investment Account Act of 1997 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts. Allows tax-free distributions, limited to $15,000 for all taxable years, from such accounts for use in the purchase of a principal residence by a first-time homebuyer. Makes such accounts tax-exempt unless the individual engages in prohibited transactions. Adjusts dollar limitations under this Act for inflation. Allows such deduction in determining adjusted gross income.

Exempts such accounts from estate tax.

Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange.

Provides for adjusting the basis of a residence acquired through the use of an individual investment account.

 Related & companion bills 1
  • S 330 Identical bill Individual Investment Account Act of 1997
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Graham, Lindsey
South Carolina · Apr 15, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 984: Individual Investment Account Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-984/
MLA
"H.R. 984: Individual Investment Account Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-984/.
Bluebook (legal)
H.R. 984, 105th Cong. (2026), https://openamerica.io/bill/105-HR-984/.
Markdown link
[H.R. 984: Individual Investment Account Act of 1997](https://openamerica.io/bill/105-HR-984/)
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