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United States · Bill · HR

H.R. 1490 (97th)

First Home Ownership Act of 1981

referredUnited States· United States Congress· EN

Introduced

29 January 1981

Last action

29 January 1981 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Panetta, Leon [D-CA-16], Rep. Price, Melvin [D-IL-23], Rep. Bonior, David E. [D-MI-12], Rep. Miller, George [D-CA-7], Rep. Kogovsek, Ray [D-CO-3], Sen. Daschle, Thomas A. [D-SD], Rep. Forsythe, Edwin B. [R-NJ-6], Rep. Dougherty, Charles F. [R-PA-4], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Murphy, Austin J. [D-PA-22], Rep. Hawkins, Augustus F. [D-CA-29], Rep. Roe, Robert A. [D-NJ-8], Rep. Hughes, William J. [D-NJ-2], Rep. Pepper, Claude [D-FL-14], Rep. Horton, Frank J. [R-NY-34], Del. de Lugo, Ron [D-VI-At Large], Rep. Gingrich, Newt [R-GA-6], Rep. Frost, Martin [D-TX-24], Rep. Weaver, James H. [D-OR-4], Rep. Spence, Floyd [R-SC-2], Rescom. Corrada, Baltasar [I-PR-At Large], Rep. Neal, Stephen L. [D-NC-5], Rep. Simon, Paul [D-IL-24], Rep. Kildee, Dale E. [D-MI-7], Rep. Johnston, Eugene (Gene) [R-NC-6], Rep. Hall, Ralph M. [D-TX-4], Rep. Williams, Pat [D-MT-1], Rep. Crockett, George W., Jr. [D-MI-13], Sen. Wyden, Ron [D-OR], Rep. Bereuter, Doug [R-NE-1], Rep. Bedell, Berkley W. [D-IA-6]

Subjects

Taxation

Source updated

29 August 2025

Taxation

Official sourceView documentsShare

Summary

First-Home Ownership Act of 1981 - Amends the Internal Revenue Code to allow individuals who have never owned a home an income tax credit for certain amounts contributed to an individual housing account. Limits the cash amount of such credit to $2,500 for any taxable year, and $10,000 during the taxpayer's lifetime. Requires contributions made to an individual housing account to remain in such account for at least 12 months. Establishes a schedule of percentages, graduated downward according to adjusted gross income, for purposes of determining the amount of contribution to an individual housing account which may be credited against income tax liability. Exempts individual housing account trusts from income taxation. Imposes tax penalties on amounts distributed from an individual housing account for purposes other than the purchase of a principal residence. Requires the trustee of an individual housing account to report to the Internal Revenue Service with respect to contributions to and distributions from such account. Imposes fines for failure to make such report.

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

Timeline

  1. 29 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 29 January 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  3. 29 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Sponsors

Related records

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Sources

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