Creating Homeownership Opportunity Act of 2013

Summary

Creating Homeownership Opportunity Act of 2013 - Amends the Internal Revenue Code to establish tax-exempt housing equity savings accounts to assist individual taxpayers under the age of 55 in paying the costs of acquiring, constructing, or reconstructing a principal residence. Allows: (1) a deduction from gross income for cash contributions to such accounts for the lesser of $10,000 or the compensation includible in the taxpayer's gross income for a taxable year, (2) an exclusion from gross income of amounts distributed from such accounts that are used by an account beneficiary to purchase a principal residence or make payments to such beneficiary's individual retirement account (IRA), and (3) a tax-free rollover of account funds into an IRA if an account beneficiary reaches age 55 or has maintained an account for 20 years without purchasing a residence.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 August 2013

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• Introduced in House (PDF)

  Introduced in House · EN · 1 August 2013

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• Introduced in House

  summary · EN · 1 August 2013

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