A bill to stimulate new residential construction by amending the Internal Revenue Code of 1954 to allow a deduction for individuals who deposit savings in mortgage lending accounts.

referredUnited States· United States Congress· EN

Introduced

12 May 1975

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Allows as a deduction under the Internal Revenue Code amounts not to exceed $2000 paid by an individual during the taxable year into a qualified mortgage lending account. Excludes from gross income interest and dividends received by the taxpayer from any mortgage lending account up to a maximum of $120 a year. Terminates such deduction with respect to deposits in mortgage lending accounts made after December 31, 1977.

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Documents

1 official file

Introduced in House
summary · EN · 12 May 1975
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/94th-congress/house-bill/6869
Open data entity: https://api.congress.gov/v3/bill/94/hr/6869