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Individual Investment Account Act of 2005

Introduced: January 25, 2005 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 25, 2005
Referred to the House Committee on Ways and Means.
Jan 25, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Individual Investment Account Act of 2005 - Amends the Internal Revenue Code to allow an individual taxpayer a tax deduction from gross income (whether or not the taxpayer itemizes deductions) for cash contributions to an individual investment account. Permits tax free distributions up to $15,000 from such accounts for the purchase of a principal residence by a first-time homebuyer. Allows an annual inflation adjustment to the $15,000 limit beginning in 2006.

Excludes individual investment accounts from the calculation of the gross estate for estate tax purposes.

Excludes from gross income gain from the sale of a principal residence if such gain is reinvested in an individual investment account.

What's happening now January 25, 2005

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1