Homeownership Opportunity Act of 1981

Summary

Homeownership Opportunity Act of 1981 - Amends the Internal Revenue Code to provide an income tax credit to an individual who during the preceding five years has not owned a principal residence and who makes contributions to a homeownership opportunity account. Allows such credit in an amount equal to 25 percent of the amount contributed to such account during the taxable year. Limits the maximum annual contribution to $3,000 ($6,000 in the case of married couples), with a maximum lifetime contribution of $30,000 ($60,000 in the case of married couples). Provides for an annual inflation adjustment of such amounts. Allows a taxpayer to elect to take an income tax deduction in lieu of a credit for contributions to a homeownership opportunity account.

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Timeline

1. 10 April 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 10 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 10 April 1981

   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 · 10 April 1981

  Open at official source

Sponsors

• Rep. Lantos, Tom [D-CA-11] · D · Sponsor
• · hswm00 · Standing

Related records

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