Home Ownership Plan Encouragement Act - Amends the Internal Revenue Code to allow individuals a tax deduction for amounts paid to a home ownership plan for the purchase of a first home. Limits the duration of such deduction to five years. Provides for the imposition of an excise tax on excess contributions to such plan. Requires a penalty payment for failure to provide timely reports on such plan.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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