Housing Opportunity and Mortgage Equity Act of 1983

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.

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1 official file

• Introduced in Senate

  summary · EN · 8 June 1983

  Open at official source

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