HR 2022
107th 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 2001
Introduced: May 25, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 25, 2001
Referred to the House Committee on Ways and Means.
May 25, 2001
Sponsor introductory remarks on measure. (CR E978-979)
May 25, 2001
Introduced in House
Plain-English summary
First-Time Homebuyer Affordability Act of 2001 - 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 two-year 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1