HR 5769
97th Congress
House
Taxation
Home ownership
Housing and Housing Finance
Housing finance
Income tax
Savings accounts
Tax deductions
Tax incentives
Trusts and trustees
Individual Housing Account Act
Introduced: March 9, 1982
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 9, 1982
Referred to House Committee on Ways and Means.
Mar 9, 1982
Introduced in House
Plain-English summary
Individual Housing Account Act - Amends the Internal Revenue Code to allow an income tax deduction from gross income for cash contributions to a tax-exempt savings account established for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing such taxpayer's first principal residence. Limits the maximum annual deduction to $5,000, with a maximum lifetime deduction of $20,000. Excludes distributions from such account from gross income as long as they are used exclusively for the purpose of purchasing the first principal residence of the taxpayer.
What's happening now
Referred to House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1