A bill to amend the Internal Revenue Code of 1954 to permit banks, savings, and loan institutions, and similar financial institutions to issue tax-exempt certificates of deposit for housing purposes.
American Dream Act - Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, interest earned on qualified housing savings certificates. Defines "qualified housing savings certificates" as investment certificates issued by regulated depository financial institutions with a one year maturity. Specifies that at least 75 percent of the proceeds of such certificate be applied to the financing of single-family, owner-occupied principal residences. Prescribes a method of establishing the interest rate chargeable on such certificates.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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