Individual Housing Act of 1982

Summary

Individual Housing Act of 1982 - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing a principal residence. Limits the maximum annual deduction to $3,000, with a maximum lifetime deduction of $15,000. Provides for an annual inflation adjustment of such deduction based on the Consumer Price Index. Exempts such individual housing account from income taxation. Excludes distributions from such account from the taxpayer's gross income so long as such distributions are used for the purchase of a principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence. Directs the trustee of an individual housing account to make reports regarding such account to the Secretary of the Treasury as required.

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1 official file

• Introduced in House

  summary · EN · 23 March 1982

  Open at official source

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