A bill to amend the Internal Revenue Code of 1954 to allow nonrecognition of gain on certain rollovers of principal residences where the cost of purchasing the new residence is less than the adjusted sales price of the old residence, to extend to 60 months the period for the rollover of a principal residence, to allow a deduction for contributions to savings accounts established for the purpose of purchasing a home, and to deny the interest deduction to the extent the interest is on home loans in excess of $150,000.

Summary

Amends the Internal Revenue Code to permit the nonrecognition of gain from the sale or exchange of a taxpayer's principal residence even though the purchase price of a new residence is less than the adjusted sales price of the old residence. Specifies that the purchase price of the new residence may not be more than $100,000 less than the adjusted sales price of the old residence. Extends from 18 to 30 months the period (rollover period) during which a taxpayer must reinvest the proceeds from the sale of a residence in a new residence in order to qualify for the nonrecognition of gain from any such sale. Allows individual taxpayers an income tax deduction of up to $4,000 annually and $20,000 in a lifetime for cash contributions to an individual housing account established to finance the purchase of a principal residence for the taxpayer. Limits the allowable amount of the income tax deduction for interest paid on home mortgages to $150,000.

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1 official file

• Introduced in House

  summary · EN · 20 June 1980

  Open at official source

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