Homeowners Incentive Act

[AI summary unavailable — showing source text] Homeowners Incentive Act - Individual Housing Account Act - Amends the Internal Revenue Code to allow individuals a limited income tax deduction for contributions paid into savings plans established for purchasing their principal residences. Limits the income taxation of such plans to that imposed on unrelated business income of charitable organizations. Makes distributions from such plans tax free if used exclusively in connection with purchasing a principal residence for the distributee.…