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United States · Bill · HR

H.R. 2916 (98th)

Home Ownership Incentive Act of 1983

referredUnited States· United States Congress· EN

Introduced

5 May 1983

Last action

5 May 1983 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Anthony, Beryl, Jr. [D-AR-4], Rep. Frenzel, Bill [R-MN-3], Sen. Craig, Larry E. [R-ID], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. AuCoin, Les [D-OR-1], Rep. Dowdy, Wayne [D-MS-4], Rep. Young, Don [R-AK-At Large], Rep. Hefner, W. G. (Bill) [D-NC-8], Rep. Murphy, Austin J. [D-PA-20], Rep. Forsythe, Edwin B. [R-NJ-6], Rep. Young, Robert A. [D-MO-2], Rep. Evans, Cooper [R-IA-3], Rep. Smith, Christopher H. [R-NJ-4], Rep. D'Amours, Norman E. [D-NH-1], Rep. Pritchard, Joel [R-WA-1], Rep. Lantos, Tom [D-CA-12], Rep. Solomon, Gerald B. H. [R-NY-22], Rep. Schneider, Claudine [R-RI-2], Rep. Pashayan, Charles, Jr. [R-CA-17], Rep. Patman, William N. [D-TX-14], Rep. McEwen, Bob [R-OH-6], Sen. Torricelli, Robert G. [D-NJ], Rep. Roe, Robert A. [D-NJ-8], Sen. Jeffords, James M. [I-VT], Rep. Sensenbrenner, F. James, Jr. [R-WI-5], Rep. Daniel, W. C. (Dan) [D-VA-5], Sen. Boxer, Barbara [D-CA], Rep. Fish, Hamilton, Jr. [R-NY-19], Rep. Gingrich, Newt [R-GA-6], Rep. Hubbard, Carroll, Jr. [D-KY-1], Rep. Hiler, John Patrick [R-IN-3], Rep. Wolf, Frank R. [R-VA-10], Sen. Wyden, Ron [D-OR], Rep. Sabo, Martin Olav [D-MN-5], Rep. Hutto, Earl [D-FL-1], Del. Won Pat, Antonio B. [D-GU-At Large], Rep. Roukema, Marge [R-NJ-5], Rep. Martin, Lynn M. [R-IL-16], Rep. Sundquist, Don [R-TN-7], Rep. Wise, Robert E., Jr. [D-WV-2], Sen. Lott, Trent [R-MS], Rep. Dreier, David [R-CA-26], Rep. Whittaker, Bob [R-KS-5], Rep. Parris, Stanford E. (Stan) [R-VA-8], Rep. Lipinski, William O. [D-IL-3], Sen. Shelby, Richard C. [R-AL], Rep. Hartnett, Thomas F. [R-SC-1], Rep. Livingston, Bob [R-LA-1]

Subjects

Taxation

Source updated

29 August 2025

Taxation

Official sourceView documentsShare

Summary

Home Ownership Incentive Act of 1983 - Amends the Internal Revenue Code to allow an income tax deduction for contributions of cash, stocks, bond, or other securities tradeable on an established exchange to a tax-exempt trust account established for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $1,000 with a maximum lifetime deduction of $10,000. Excludes distributions from such account from gross income if they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence. Requires the trustee of an individual housing account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.

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

Timeline

  1. 5 May 1983

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 5 May 1983

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 5 May 1983

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

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Documents

1 official file

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Sponsors

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Related records

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Sources

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