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S 1435 98th Congress Senate Taxation Home ownership Housing and Housing Finance Housing finance Income tax Savings accounts Tax deductions Tax incentives

Housing Opportunity and Mortgage Equity Act of 1983

Introduced: June 8, 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 17, 1983
Committee on Finance requested executive comment from OMB, Treasury Department.
Jun 8, 1983
Read twice and referred to the Committee on Finance.
Jun 8, 1983
Introduced in Senate
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 Plain-English summary Congressional Research Service

Housing Opportunity and Mortgage Equity Act of 1983 - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a tax-exempt housing opportunity mortgage equity account established for the exclusive purpose of purchasing the taxpayer's first home. Limits the maximum annual deduction to $1,000 ($2,000 for a joint return), with a maximum lifetime deduction of $10,000. Phases out the deduction for individuals or couples whose income exceeds $50,000.

Recaptures as ordinary income the amount of the withdrawals from the account for a home purchase over a period of the greater of five years or the number of years contributions had been made to the account. Requires that contributions to a housing opportunity mortgage equity account must be used by the end of ten years after the initial contribution.

Imposes a ten percent surtax on distributions not used for the purchase of a principal residence.

Requires the trustee of a housing opportunity mortgage equity account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.

What's happening now June 17, 1983

Committee on Finance requested executive comment from OMB, Treasury Department.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · Jun 8, 1983
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1435: Housing Opportunity and Mortgage Equity Act of 1983. 98th Congress. Open America. https://openamerica.io/bill/98-S-1435/
MLA
"S. 1435: Housing Opportunity and Mortgage Equity Act of 1983." 98th Congress, 2026, Open America, https://openamerica.io/bill/98-S-1435/.
Bluebook (legal)
S. 1435, 98th Cong. (2026), https://openamerica.io/bill/98-S-1435/.
Markdown link
[S. 1435: Housing Opportunity and Mortgage Equity Act of 1983](https://openamerica.io/bill/98-S-1435/)
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