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United States · Bill · HR

H.R. 3911 (97th)

Family Homeownership Savings Incentive Act

referredUnited States· United States Congress· EN

Introduced

11 June 1981

Last action

11 June 1981 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Stark, Fortney Pete [D-CA-13], Rep. Murphy, Austin J. [D-PA-20], Rep. Chisholm, Shirley [D-NY-12], Rep. Ottinger, Richard L. [D-NY-20], Rep. Wolpe, Howard E. [D-MI-3], Rep. LeBoutillier, John [R-NY-6]

Subjects

Taxation

Source updated

29 August 2025

Taxation

Official sourceView documentsShare

Summary

Family Homeownership Savings Incentive Act - Amends the Internal Revenue Code to permit individuals to establish tax-exempt savings accounts to finance the purchase of a first principal residence. Limits contributions to such account to $25,000 per taxable year reduced by the aggregate of contributions made to such account in preceding taxable years (other than rollover contributions). Allows a tax-free rollover for any amount paid or distributed out of such an individual housing account if the entire amount is paid into another individual housing account within 60 days. Excludes distributions from such accounts from gross income so long as they are used exclusively for the purpose of purchasing a principal residence. Imposes a tax penalty on amounts distributed from an individual housing account for purposes other than the purchase of a principal residence. Defines "principal residence" to include a building which contains more than one but fewer than five dwelling units if at least one of such dwelling units is occupied by the owner as a principal residence.

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

Timeline

  1. 11 June 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 11 June 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 11 June 1981

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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