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United States · Bill · HR

H.R. 3694 (97th)

American Dream Act

referredUnited States· United States Congress· EN

Introduced

27 May 1981

Last action

—

Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

29 August 2025

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Summary

American Dream Act - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, interest earned on qualified housing savings certificates. Defines "qualified housing savings certificates" as investment certificates issued by regulated depository financial institutions with a one year maturity. Specifies that at least 75 percent of the proceeds of such certificate be applied to the financing of single-family, owner-occupied principal residences. Prescribes a method of establishing the interest rate chargeable on such certificates.

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Documents

1 official file

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