S 2050 · 95th Congress · Taxation

Individual Housing Account Act

Introduced 1977-08-05· Sponsored by Sen. Brooke, Edward W. [R-MA]· Senate

Bill Progress

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Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1977-08-05)

Plain Language Summary

[AI summary unavailable — showing source text] Individual Housing Account Act - Amends the Internal Revenue Code to allow an individual who does not own and has never owned a principal residence an income tax credit for 20 percent of the amounts paid in cash to an individual housing account, up to a maximum credit of $500 annually and $2,000 in a lifetime. Makes such accounts tax exempt.…

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