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HR 2916 98th Congress House Taxation Home ownership Housing and Housing Finance Housing finance Income tax Savings accounts Tax deductions Tax incentives

Home Ownership Incentive Act of 1983

Introduced: May 5, 1983 See on congress.gov
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This bill died when the 98th Congress ended
It never became law before the 98th Congress (1983–1984) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 5, 1983
Referred to House Committee on Ways and Means.
May 5, 1983
Introduced in House
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 Plain-English summary Congressional Research Service

Home Ownership Incentive Act of 1983 - Amends the Internal Revenue Code to allow an income tax deduction for contributions of cash, stocks, bond, or other securities tradeable on an established exchange to a tax-exempt trust account established for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $1,000 with a maximum lifetime deduction of $10,000. Excludes distributions from such account from gross income if they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence.

Requires the trustee of an individual housing account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.

What's happening now May 5, 1983

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Republican 1
D
Kaptur, Marcy
Ohio · Oct 24, 1983
 D
Wyden, Ron
Oregon · May 26, 1983
 R
Smith, Christopher H.
New Jersey · May 23, 1983
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2916: Home Ownership Incentive Act of 1983. 98th Congress. Open America. https://openamerica.io/bill/98-HR-2916/
MLA
"H.R. 2916: Home Ownership Incentive Act of 1983." 98th Congress, 2026, Open America, https://openamerica.io/bill/98-HR-2916/.
Bluebook (legal)
H.R. 2916, 98th Cong. (2026), https://openamerica.io/bill/98-HR-2916/.
Markdown link
[H.R. 2916: Home Ownership Incentive Act of 1983](https://openamerica.io/bill/98-HR-2916/)
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