Individual Investment Account Act of 1991

Summary

Individual Investment Account Act of 1991 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts, limited to $2,500. Allows tax-free distributions, limited to $15,000 for all taxable years, from such accounts for use in the purchase of a principal residence by a first-time homebuyer. Makes such accounts tax-exempt unless the individual engages in prohibited transactions. Adjusts dollar limitations under this Act for inflation. Allows such deduction in determining adjusted gross income. Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange. Provides for adjusting the basis of a residence acquired through the use of an individual investment account.

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Timeline

1. 17 September 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 17 September 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 17 September 1991

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 17 September 1991

  Open at official source

Sponsors

• Rep. Jenkins, Edgar L. [D-GA-9] · D · Sponsor
• Rep. Schulze, Richard T. [R-PA-5] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Individual Investment Account Act of 1991