A bill to amend the Internal Revenue Code of 1986 to exclude from income amounts received by an employee from an employer as assistance towards the purchase of a principal residence.

Summary

Amends the Internal Revenue Code to exclude from an eligible employee's gross income amounts paid or incurred by the employer of such employee as part of a homeownership assistance program meeting specified criteria. Sets as a maximum exclusion for one eligible employee an amount equal to 10 percent of the maximum principal obligation for a mortgage insured under the National Housing Act with respect to the residence purchased. Limits participation to first-time homebuyers with incomes below specified levels. Prohibits the exclusion for employees buying residences with prices in excess of 90 percent of the maximum principal obligation for a mortgage insured under the National Housing Act with respect to the residence. Reduces the basis in a residence by the amount of the exclusion.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 1 August 2002

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 August 2002

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 1 August 2002

  Open at official source

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