A bill to amend the Internal Revenue Code of 1954 to provide tax-saving incentives for savings accounts established for the purpose of purchasing a home.
Individual Housing Act of 1979 - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $3,000 annually and $15,000 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 Ways and Means.
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