Individual Housing Account Act

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.

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

Timeline

1. 22 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 22 January 1981

  Open at official source

Sponsors

• Rep. Lagomarsino, Robert J. [R-CA-19] · R · Sponsor
• · hswm00 · Standing

Related records

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