A bill to amend the Internal Revenue Code of 1954 to allow certain prepayments of principal and interest to be treated as contributions to an individual retirement account, to allow amounts to be withdrawn from such account to purchase a principal residence, and for other purposes.
Mortgage Retirement Account Act of 1983 - Amends the Internal Revenue Code to allow taxpayers an election to treat home mortgage prepayments as a tax deductible contribution to an individual retirement account.
Allows amounts to be withdrawn from an individual retirement account for the purchase of a principal residence.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
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