First-time Homebuyer Affordability Act of 1999

Summary

First-time Homebuyer Affordability Act of 1999 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a qualified home equity participation arrangement (one in which up to $10,000 in an individual retirement plan is used to acquire an ownership interest in a dwelling unit that is to be used as the principal residence for a first-time homebuyer). Requires such ownership interest to be a fee interest requiring full repayment. Defines "first-time homebuyer" as an individual on whose behalf an individual retirement plan is established (eligible participant) or a family member (child, parent, or grandparent) who had no present ownership interest in a principal residence during the 36-month period before the date of the arrangement. Allows the use of amounts in an individual retirement plan to make loans of up to $10,000 to purchase a home for a first-time homebuyer on behalf of an eligible participant or a family member. Prohibits a related interest deduction. Requires repayment within 15 years.

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Timeline

1. 19 November 1999

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 November 1999

   Introduced

   Sponsor introductory remarks on measure. (CR S15112)

   Source: IntroReferral

3. 19 November 1999

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 November 1999 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 November 1999

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 November 1999

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 19 November 1999

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Kerry, John F. [D-MA] · D · Sponsor
• Sen. Bryan, Richard H. [D-NV] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → First-time Homebuyer Affordability Act of 1999