A bill to amend the Internal Revenue Code of 1954 to allow each individual a lifetime deduction for an additional $10,000 in contributions to an individual retirement account without regard to whether the individual has earned income, and to permit withdrawals from such an account for use by first-time home buyers in the purchase of a principal residence.

Summary

Amends the Internal Revenue Code to allow an income tax deduction for an additional $10,000 in contributions to an individual retirement account without regard to whether the individual has earned income. Permits withdrawals from such account without tax penalty if the funds withdrawn are used in connection with the acquisition of a dwelling by the individual for whose benefit the account is maintained. Requires that the dwelling purchased must be: (1) the first dwelling owned by such individual; and (2) the principal residence of such individual.

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Timeline

1. 23 February 1982

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 23 February 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 23 February 1982

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 23 February 1982

  Open at official source

Sponsors

• Rep. Schulze, Richard T. [R-PA-5] · R · Sponsor
• Rep. Goodling, William F. [R-PA-19] · R · Sponsor
• Rep. Albosta, Donald J. [D-MI-10] · D · Sponsor
• Rep. Bailey, Donald A. [D-PA-21] · D · Sponsor
• Del. Won Pat, Antonio B. [D-GU-At Large] · D · Sponsor
• Rep. Roe, Robert A. [D-NJ-8] · D · Sponsor
• Rep. Bafalis, L. A. (Skip) [R-FL-10] · R · Sponsor
• Rep. Duncan, John J. [R-TN-2] · R · Sponsor
• Rep. Porter, John Edward [R-IL-10] · R · Sponsor
• Rep. Burgener, Clair W. [R-CA-43] · R · Sponsor
• · hswm00 · Standing

Related records

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