Individual Investment Account Act of 2005

Summary

Individual Investment Account Act of 2005 - Amends the Internal Revenue Code to allow an individual taxpayer a tax deduction from gross income (whether or not the taxpayer itemizes deductions) for cash contributions to an individual investment account. Permits tax free distributions up to $15,000 from such accounts for the purchase of a principal residence by a first-time homebuyer. Allows an annual inflation adjustment to the $15,000 limit beginning in 2006. Excludes individual investment accounts from the calculation of the gross estate for estate tax purposes. Excludes from gross income gain from the sale of a principal residence if such gain is reinvested in an individual investment account.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 January 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 25 January 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 25 January 2005

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.