A bill to amend the Internal Revenue Code to provide for Individual Housing Accounts.
Individual Housing Account Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for cash contributions to an individual housing account (IHA) established to finance the purchase of a principal residence for the taxpayer.
Exempts IHA's from income taxation. Excludes from gross income distributions to a taxpayer from an individual housing account used to purchase a principal residence.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
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