HR 1333 106th Congress House Taxation Excise tax Finance and Financial Sector Home ownership Housing and Community Development Housing finance Income tax Individual retirement accounts Interest Labor and Employment Loans Mortgage loans Personal income tax Tax deductions Tax exclusion Tax exemption Tax penalties Tax-deferred compensation plans

First-time Homebuyer Affordability Act of 1999

Introduced: March 25, 1999 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 25, 1999

Referred to the House Committee on Ways and Means.

Mar 25, 1999

Sponsor introductory remarks on measure. (CR E593-594)

Mar 25, 1999

Introduced in House

Plain-English summary Congressional Research Service

First-time Homebuyer Affordability Act of 1999 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a qualified home equity participation arrangement (one in which up to $10,000 in an individual retirement plan is used to acquire an ownership interest in a dwelling unit that is to be used as the principal residence for a first-time homebuyer). Requires such ownership interest to be a fee interest requiring full repayment. Defines "first-time homebuyer" as an individual on whose behalf an individual retirement plan is established (eligible participant) or a family member (child, parent, or grandparent) who had no present ownership interest in a principal residence during the 36-month period before the date of the arrangement.

Allows the use of amounts in an individual retirement plan to make loans of up to $10,000 to purchase a home for a first-time homebuyer on behalf of an eligible participant or a family member. Prohibits a related interest deduction. Requires repayment within 15 years.

What's happening now March 25, 1999

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1