To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a charitable purpose.

Summary

Amends the Internal Revenue Code to designate the provision of qualified homeowner dowpayment assistance as a "charitable purpose" for purposes of income, estate, and gift taxes. Defines "qualified homeowner downpayment assistance" as a gift of cash for the purpose of providing any downpayment for the purchase of a principal residence. Denies an income tax deduction to certain donors of homeowner downpayment assistance who receive a direct financial benefit in connection with the purchase of a principal residence for which the purchaser received downpayment assistance.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 March 2004

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• Introduced in House (PDF)

  Introduced in House · EN · 2 March 2004

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 2 March 2004

  Open at official source

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