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United States · Bill · HR

H.R. 2410 (96th)

Young Families Homeownership Act of 1979

referredUnited States· United States Congress· EN

Introduced

26 February 1979

Last action

26 February 1979 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Sen. Quayle, Dan [R-IN], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Murphy, Austin J. [D-PA-22], Rep. Yatron, Gus [D-PA-6], Rep. Mottl, Ronald M. [D-OH-23], Rep. Jenrette, John W., Jr. [D-SC-6], Rep. Donnelly, Brian J. [D-MA-11], Rep. Dougherty, Charles F. [R-PA-4], Rep. Gingrich, Newt [R-GA-6], Rep. Duncan, John J. [R-TN-2], Rep. Lloyd, Marilyn [D-TN-3], Rep. Martin, James G. [R-NC-9], Rep. Marriott, David Daniel [R-UT-2], Rep. Hyde, Henry J. [R-IL-6], Rep. Grisham, Wayne R. [R-CA-33], Rep. Kildee, Dale E. [D-MI-7], Rep. Murphy, Morgan F. [D-IL-2], Rep. Walgren, Doug [D-PA-18], Rep. Buchanan, John [R-AL-6], Rep. Lujan, Manuel, Jr. [R-NM-1], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Howard, James J. [D-NJ-3], Rep. Burgener, Clair W. [R-CA-43], Rep. Bafalis, L. A. (Skip) [R-FL-10], F. SENSENBRENNER, Rep. Erdahl, Arlen [R-MN-1], Rep. Rahall, Nick J., II [D-WV-4], Rep. Solomon, Gerald B. H. [R-NY-24], Rep. Pritchard, Joel [R-WA-1], Rep. Moffett, Toby [D-CT-6]

Subjects

Taxation

Source updated

2 September 2025

Taxation

Official sourceView documentsShare

Summary

Young Families Homeownership Act of 1979 - Amends the Internal Revenue Code to allow individuals who are saving for their first home an 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 $500 for any taxable year and $2,000 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 equal to the tax on excess contributions to an individual retirement account.

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

Timeline

  1. 26 February 1979

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 26 February 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 26 February 1979

    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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