First-Time Homebuyer Opportunity Act of 1986

Summary

First-Time Homebuyer Opportunity Act of 1986 - Amends the Internal Revenue Code to allow distributions from an individual retirement account or annuity to be used to purchase a home by a first-time homebuyer. Limits the amount of such a distribution to a $10,000 aggregate maximum. Defines a "first-time homebuyer" as any individual who has had no present ownership interest in a principal residence during the three-year period prior to the purchase of the principal residence for which individual retirement account distributions are used.

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Timeline

1. 15 May 1986

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 15 May 1986

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 15 May 1986

  Open at official source

Sponsors

• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Sponsor
• · ssfi00 · Standing

Related records

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