Individual Investment Account Act of 1998

Summary

Individual Investment Account Act of 1998 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts. Allows tax-free distributions, limited to $20,000 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. Exempts such accounts from estate tax. Provides for adjusting the basis of a residence acquired through the use of an individual investment account.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 March 1998

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• Introduced in House (PDF)

  Introduced in House · EN · 18 March 1998

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• Introduced in House

  summary · EN · 18 March 1998

  Open at official source

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