Creating Homeownership Opportunity Act of 2011

Summary

Creating Homeownership Opportunity Act of 2011 - 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 into an IRA if an account beneficiary reaches age 55 or has maintained an account for 20 years without purchasing a residence.

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

Timeline

1. 3 November 2011

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 3 November 2011

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 November 2011

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 November 2011 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 November 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 November 2011

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 November 2011

  Open at official source

Sponsors

• James Renacci · R · Sponsor
• Rep. Carney, John C., Jr. [D-DE-At Large] · D · Sponsor
• Patrick Meehan · R · Sponsor
• Daniel Webster · R · Sponsor
• Mike Quigley · D · Sponsor
• Peter Welch · D · Sponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.