Save America Savings Account Act of 1980

Summary

Save America Savings Account Act of 1980 - Amends the Internal Revenue Code to exclude from gross income interest earned on savings accounts used for making qualified loans, at no more than a nine-and-one-half percent interest rate for: (1) the purchase of owner-occupied residential property; (2) the operation of a trade or business; or (3) the operation of a farm for farming purposes. Limits the maximum deposits in such an account to $100,000, and the interest rate paid to seven percent. Requires the principal with respect to which such interest is payable to be held on deposit for at least one year. Prohibits the making of a loan from such an account for the purchase of real estate, except for the purchase of owner-occupied residential property. Declares any attempt to use the proceeds of a qualified loan for prohibited purposes, or any attempt to charge interest at a rate in excess of that authorized, as an attempt to evade or defeat tax, punishable accordingly.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 2 May 1980

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.