HR 507 · 103th Congress · Taxation

IRA Self-Loan Act

Introduced 1993-01-21· Sponsored by Rep. Franks, Gary A. [R-CT-5]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(1993-01-21)

Plain Language Summary

[AI summary unavailable — showing source text] IRA Self-Loan Act - Amends the Internal Revenue Code to allow loans to be made or secured by an individual retirement account for first-time homebuyer expenses, education expenses, or medical emergency expenses. Limits such a loan amount to $50,000. Exempts such loans from the tax on prohibited transactions.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (15)

3 Democrats12 Republicans
Rep. Gutierrez, Luis V. [D-IL-4]IL
Rep. Johnson, Nancy L. [R-CT-6]CT
Rep. Rohrabacher, Dana [R-CA-45]CA
Rep. Johnson, Sam [R-TX-3]TX
Rep. Solomon, Gerald B. H. [R-NY-22]NY
Rep. Saxton, Jim [R-NJ-3]NJ
Rep. Bartlett, Roscoe G. [R-MD-6]MD
Rep. Collins, Barbara-Rose [D-MI-15]MI
Rep. Fish, Hamilton, Jr. [R-NY-19]NY
Rep. Vucanovich, Barbara F. [R-NV-2]NV
Rep. Ravenel, Arthur, Jr. [R-SC-1]SC
Rep. Valentine, Tim [D-NC-2]NC
Rep. Santorum, Rick [R-PA-18]PA
Rep. Quinn, Jack [R-NY-30]NY
Rep. Inglis, Bob [R-SC-4]SC