Individual Housing Act of 1979

Summary

Individual Housing Act of 1979 - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $3,000 annually and $15,000 in a lifetime for cash contributions to an individual housing account (IHA) established to finance the purchase of a principal residence for the taxpayer. Exempts IHA's from income taxation. Excludes from gross income distributions to a taxpayer from an individual housing account used to purchase a principal residence. Allows an income tax deduction for sales taxes on items used in the construction of new homes. Allows a refundable income tax credit for the amount of interest income which a taxpayer loses on amounts paid as real property tax prepayments. Limits the amount of such credit to $200 for the taxable year.

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Timeline

1. 5 February 1979

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 5 February 1979

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 February 1979

   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 · 5 February 1979

  Open at official source

Sponsors

• Rep. Dornan, Robert K. [R-CA-46] · R · Sponsor
• · hswm00 · Standing

Related records

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