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.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line