Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · HR

H.R. 602 (99th)

Individual Housing Account Act

referredUnited States· United States Congress· EN

Introduced

22 January 1985

Last action

22 January 1985 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Rudd, Eldon D. [R-AZ-4], Rep. Bentley, Helen Delich [R-MD-2], Rep. Lipinski, William O. [D-IL-3], Rep. Garcia, Robert [D-NY-18], Rep. Solomon, Gerald B. H. [R-NY-22], Rep. Saxton, Jim [R-NJ-3], Rep. Fiedler, Bobbi [R-CA-21], Rep. Murphy, Austin J. [D-PA-20], Rep. Monson, David S. [R-UT-2], Rep. Barton, Joe [R-TX-6], Rep. Bilirakis, Michael [R-FL-9], Rep. Armey, Richard K. [R-TX-26], Rep. Mrazek, Robert J. [D-NY-3], Rep. Roukema, Marge [R-NJ-5], Rep. Kolbe, Jim [R-AZ-8], Rep. Kolter, Joseph P. [D-PA-4], Rep. Dornan, Robert K. [R-CA-46], Rep. Edwards, Mickey [R-OK-5], Rep. Neal, Stephen L. [D-NC-5], Rep. Combest, Larry [R-TX-19], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Shumway, Norman D. [R-CA-14], Rep. Lowery, Bill [R-CA-41], Rep. Packard, Ron [R-CA-48]

Subjects

Housing, Taxation

Source updated

29 August 2025

Housing · Taxation

Official sourceView documentsShare

Summary

Individual Housing Account Act - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a trust account established for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $5,000, with a maximum lifetime deduction of $20,000. Excludes distributions from such account from gross income if they are used exclusively for the purchase of a first 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. Requires the trustee of an individual housing account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.

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

Timeline

  1. 22 January 1985

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 22 January 1985

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 22 January 1985

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Leesvertaling

Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.