A bill to amend the Internal Revenue Code of 1954 to permit banks, savings and loan institutions, and similar financial institutions to issue tax-exempt certificates for housing purposes.

Summary

Amends the Internal Revenue Code to allow an income tax exclusion for interest earned on national home ownership bonds. Defines "national home ownership bonds" as certificates of deposits issued before 1985 which are used to provide owner-financing of single family residences. Requires that such bonds have a maturity rate of five years and an investment yield not exceeding ten percent and be issued in denominations of at least $1,000. Prescribes percentage tables for determining the interest rate on such financing.

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Documents

1 official file

• Introduced in House

  summary · EN · 22 October 1981

  Open at official source

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