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, and for other purposes.

Summary

Amends the Internal Revenue Code to allow: (1) the exclusion from gross income of the interest earned on a national home ownership bond; and (2) an income tax credit for 50 percent of the amount of interest excluded. Defines "national home ownership bonds" as certificates of deposit issued by a qualified financial institution to provide home financing ("qualified owner financing"). Requires the certificates to have a five year maturity, an investment yield not exceeding eight percent compounded quarterly, and be issued in denominations of $1,000 or any multiple of $1,000. Defines "qualified owner financing" to mean financing provided in connection with acquisition of a single family residence: (1) which becomes the principal residence of the individual to whom the financing is provided; and (2) the original use of which begins with that individual. Specifies other requirements with respect to the security on the property, the interest rate charged, the assumability of the loan, prepayment provisions, and the ceiling amount for such financing.

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Documents

1 official file

• Introduced in House

  summary · EN · 6 January 1983

  Open at official source

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