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United States · Bill · HR

H.R. 645 (97th)

Individual Housing Act of 1981

openUnited States· United States Congress· EN

Introduced

5 January 1981

Last action

10 February 1982 · Committee

Status

Executive Comment Requested from Treasury.

Sponsors

Rep. Whitehurst, G. William [R-VA-2], Rep. Quillen, James H. (Jimmy) [R-TN-1], Rep. Daniel, Robert W., Jr. [R-VA-4], Rep. Kramer, Ken [R-CO-5], Rep. Roberts, Clint [R-SD-2], Rep. Rose, Charlie [D-NC-7], Rep. Guyer, Tennyson [R-OH-4], Rep. Neal, Stephen L. [D-NC-5], Sen. Trible, Paul S., Jr. [R-VA], Rep. Edwards, Mickey [R-OK-5], Rep. Campbell, Carroll A., Jr. [R-SC-4], Rep. Coyne, James K. [R-PA-8], Rep. McCollum, Bill [R-FL-8]

Subjects

Housing, Taxation

Source updated

29 August 2025

Housing · Taxation

Official sourceView documentsShare

Summary

Individual Housing Act of 1981 - Amends the Internal Revenue Code to allow a 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 the taxpayer's first principal residence. Limits the maximum annual deduction to $3,000, with a maximum lifetime deduction of $12,000. Excludes distributions from such account from gross income so long as 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.

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

Timeline

  1. 5 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 5 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 5 January 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  4. 10 February 1982

    Committee

    Executive Comment Requested from Treasury.

    Source: Committee

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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