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United States · Bill · HR

H.R. 110 (97th)

Young Families Homeownership Opportunity Act of 1981

referredUnited States· United States Congress· EN

Introduced

5 January 1981

Last action

5 January 1981 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Blanchard, James [D-MI-18], Rep. Bonior, David E. [D-MI-10], Rep. Lloyd, Marilyn [D-TN-3], Rescom. Corrada, Baltasar [I-PR-At Large], Rep. Crockett, George W., Jr. [D-MI-13], Del. de Lugo, Ron [D-VI-At Large], Rep. Duncan, John J. [R-TN-2], Rep. Ford, William D. [D-MI-13], Rep. Frost, Martin [D-TX-24], Rep. Gingrich, Newt [R-GA-6], Rep. Gray, William H., III [D-PA-2], Rep. Guyer, Tennyson [R-OH-4], Rep. Howard, James J. [D-NJ-3], Rep. Kildee, Dale E. [D-MI-5], Rep. Kogovsek, Ray [D-CO-3], Rep. Murphy, Austin J. [D-PA-20], Rep. Murtha, John P. [D-PA-12], Rep. Patterson, Jerry M. [D-CA-38], Rep. Pepper, Claude [D-FL-18], Rep. Stokes, Louis [D-OH-11], Rep. Traxler, Bob [D-MI-8], Sen. Wyden, Ron [D-OR], Rep. Yatron, Gus [D-PA-6], Rep. Edwards, Mickey [R-OK-5], Rep. Oberstar, James L. [D-MN-8], Rep. Wolpe, Howard E. [D-MI-3], Rep. Gejdenson, Sam [D-CT-2]

Subjects

Taxation

Source updated

29 August 2025

Taxation

Official sourceView documentsShare

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 5 January 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 5 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 5 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

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Sources

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