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United States · Bill · HR

H.R. 1122 (97th)

Individual Housing Account Act

referredUnited States· United States Congress· EN

Introduced

22 January 1981

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

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Subjects

Discovery layer

Source updated

29 August 2025

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Summary

Individual Housing Account Act - Amends the Internal Revenue Code to allow a 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 a principal residence. Limits the maximum annual deduction to $2,500, with a maximum lifetime deduction of $10,000. Excludes distributions from such account from gross income so long as they are used exclusively for the purpose of purchasing a principal residence.

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Documents

1 official file

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