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HR 110 97th Congress House Taxation Home ownership Housing and Housing Finance Housing finance Income tax Savings accounts Tax credits Tax incentives Trusts and trustees

Young Families Homeownership Opportunity Act of 1981

Introduced: January 5, 1981 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 5, 1981
Referred to House Committee on Ways and Means.
Jan 5, 1981
Introduced in House
 Plain-English summary Congressional Research Service

Young Families Homeownership Opportunity Act of 1981 - Amends the Internal Revenue Code to allow individuals who are saving for their first home a nonrefundable income tax credit for 20 percent of the cash contributions made during the taxable year to an individual housing account. Limits the amount of such credit to $1,000 for any taxable year and $3,000 during a lifetime.

Sets forth requirements for the establishment of an individual housing account. Imposes penalties for distributions made from an individual housing account which are not used in connection with the purchase of a principal residence.

Exempts interest earned on an individual housing account from income taxation. Requires the trustee of an individual housing account to make such reports regarding the maintenance of an individual housing account as the Secretary of the Treasury may require. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions.

What's happening now January 5, 1981

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1