HR 12372 · 95th Congress · Taxation
Individual Housing Act
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1978-04-25)
Plain Language Summary
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Individual Housing Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.…
Summarized by Claude AI · Non-partisan · For informational purposes only