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United States · Bill · S

S. 1435 (98th)

Housing Opportunity and Mortgage Equity Act of 1983

openUnited States· United States Congress· EN

Introduced

8 June 1983

Last action

17 June 1983 · Committee

Status

Committee on Finance requested executive comment from OMB, Treasury Department.

Sponsors

Sen. Wallop, Malcolm [R-WY], Sen. Dole, Robert J. [R-KS], Sen. Boren, David L. [D-OK], Sen. Symms, Steven D. [R-ID], Sen. Grassley, Chuck [R-IA], Sen. Durenberger, Dave [R-MN], Sen. Heinz, John [R-PA], Sen. Pryor, David H. [D-AR], Sen. Danforth, John C. [R-MO], Sen. Thurmond, Strom [R-SC], Sen. Jepsen, Roger W. [R-IA], Sen. Cohen, William S. [R-ME], Sen. Cochran, Thad [R-MS], Sen. Laxalt, Paul D. [R-NV], Sen. McClure, James A. [R-ID], Sen. Hecht, Chic [R-NV], Sen. Simpson, Alan K. [R-WY], Sen. Heflin, Howell [D-AL], Sen. Mattingly, Mack [R-GA], Sen. Dodd, Christopher J. [D-CT], Sen. Jackson, Henry M. [D-WA], Sen. Riegle, Donald W., Jr. [D-MI], Sen. Huddleston, Walter (Dee) [D-KY], Sen. Johnston, J. Bennett [D-LA], Sen. Nunn, Sam [D-GA]

Subjects

Housing, Taxation

Source updated

29 August 2025

Housing · Taxation

Official sourceView documentsShare

Summary

Housing Opportunity and Mortgage Equity Act of 1983 - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a tax-exempt housing opportunity mortgage equity account established for the exclusive purpose of purchasing the taxpayer's first home. Limits the maximum annual deduction to $1,000 ($2,000 for a joint return), with a maximum lifetime deduction of $10,000. Phases out the deduction for individuals or couples whose income exceeds $50,000. Recaptures as ordinary income the amount of the withdrawals from the account for a home purchase over a period of the greater of five years or the number of years contributions had been made to the account. Requires that contributions to a housing opportunity mortgage equity account must be used by the end of ten years after the initial contribution. Imposes a ten percent surtax on distributions not used for the purchase of a principal residence. Requires the trustee of a housing opportunity mortgage equity account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.

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

Timeline

  1. 8 June 1983

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 8 June 1983

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 17 June 1983

    Committee

    Committee on Finance requested executive comment from OMB, Treasury Department.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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