A bill to amend the Internal Revenue Code of 1954 to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence.

Summary

Amends the Internal Revenue Code to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence. Requires that ten percent of the amount withdrawn shall be included in the gross income of the distributee over a period of ten years beginning with the taxable year in which the distributee: (1) disposes of such principal residence or ceases to use it as a principal residence; or (2) attains the age of 59 1/2. Allows such withdrawals only if: (1) the amount withdrawn is used within 90 days for the purchase of the principal residence; (2) the individual retirement account was established at least 36 months before such withdrawal; (3) the trustee of such account is a qualified home mortgage institution; and (4) the trustee is given at least 60 days notice before such withdrawal.

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

Timeline

1. 25 January 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 25 January 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 25 January 1983

   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

• Introduced in House

  summary · EN · 25 January 1983

  Open at official source

Sponsors

• Rep. Sawyer, Harold S. [R-MI-5] · R · Sponsor
• Rep. Sensenbrenner, F. James, Jr. [R-WI-5] · R · Sponsor
• Rep. Annunzio, Frank [D-IL-11] · D · Cosponsor
• Rep. Hiler, John Patrick [R-IN-3] · R · Cosponsor
• Rep. Jones, Walter B. [D-NC-1] · D · Cosponsor
• Rep. Patman, William N. [D-TX-14] · D · Cosponsor
• Rep. Crane, Daniel B. [R-IL-19] · R · Cosponsor
• Rep. Dreier, David [R-CA-26] · R · Cosponsor
• · hswm00 · Standing

Related records

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