To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from a individual's individual retirement account for use by such individual or the children of such individual in acquiring a first home, and to provide that a parent's guarantee of a loan to his child shall not be a gift for gift tax purposes.
American Dream Assistance Act of 1992 - Amends the Internal Revenue Code to allow an individual to make penalty-free withdrawals from an individual retirement account for the acquisition by such individual or the individual's child of a principal residence which is a first home.
Provides that a parent's guarantee of a loan to a child or the child's spouse or to the child's business is not a gift for gift tax purposes.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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