A bill to amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, housing savings accounts.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow individual taxpayers who have attained the age of 18 an income tax deduction for contributions (cash or readily tradeable securities) to a savings account established for the exclusive purpose of financing the taxpayer's first principal residence. Limits the aggregate amount allowable as a deduction under this Act to any individual for any taxable year to 15 percent of such individual's adjusted gross income. Provides that the amount allowable as a deduction to all taxpayers for amounts paid or transferred to a house savings account may not exceed $1,500 ($3,000 for accounts of married couples). Provides for a $15,000 maximum lifetime deduction ($30,000 for joint returns), with annual inflation adjustments. Limits to ten years the period during which deductible contributions may be made to housing savings accounts. Prohibits any individual from being a beneficiary of more than one account. Excludes distributions from a housing savings account from the gross income of its beneficiary if such distributions are used exclusively for the purchase of a principal residence. Exempts a housing savings account from taxation. Provides for the forfeitu…