HR 2431 · 104th Congress · Taxation

IRA Self-Loan Act

Introduced 1995-09-29· Sponsored by Rep. Franks, Gary A. [R-CT-5]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(1995-09-29)

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