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United States · Bill · S

S. 673 (98th)

A bill to amend the Internal Revenue Code of 1954 to provide for the establishment of, and the credit against tax for contributions to, individual housing accounts.

openUnited States· United States Congress· EN

Introduced

3 March 1983

Last action

10 March 1983 · Committee

Status

Committee on Finance requested executive comment from OMB, Treasury Department.

Sponsors

Sen. McClure, James A. [R-ID], Sen. Symms, Steven D. [R-ID], Sen. Helms, Jesse [R-NC], Sen. Garn, E. J. (Jake) [R-UT]

Subjects

Housing, Taxation

Source updated

3 January 2025

Housing · Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow individuals who have never owned a principal residence an income tax credit for 25 percent of amounts contributed to an individual housing account. Limits the amount of such credit to $1,500 for any taxable year ($3,000 for joint returns). Requires contributions made to an individual housing account to remain in such account for at least 12 months. Sets forth requirements for the establishment of an individual housing account. Imposes penalties for distributions made from an individual housing account which are not used in connection with the purchase of a principal residence. Exempts interest earned on an individual housing account from income taxation. Requires the trustee of an individual housing account to make such reports regarding the maintenance of an individual housing account as the Secretary of the Treasury may require. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions equal to the tax on excess contributions to an individual retirement account.

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

Timeline

  1. 3 March 1983

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 3 March 1983

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 10 March 1983

    Committee

    Committee on Finance requested executive comment from OMB, Treasury Department.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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