Restore American Dream Act of 2007

Summary

Restore American Dream Act of 2007 - Amends the Internal Revenue Code to establish tax-exempt homeownership plans. Allows a tax deduction from gross income for cash contributions to such plans. Defines "homeownership plan" as a trust established for the exclusive purpose of paying the costs (e.g., downpayment, interest, mortgage insurance, closing costs, etc.) of acquiring a principal residence by an individual who has never owned a principal residence. Excludes from gross income distributions from a homeownership plan used to pay the costs of acquiring a principal residence. Sets forth rules governing: (1) transfers of an interest in a plan due to death or divorce; (2) penalties for making distributions from a plan for purposes other than to acquire a principal residence; and (3) employer homeownership plans established for the benefit of their employees.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 September 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 17 September 2007

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• Introduced in House

  summary · EN · 17 September 2007

  Open at official source

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