HR 3791 · 96th Congress · Taxation

Individual Housing Act of 1979

Introduced 1979-04-30· Sponsored by Rep. Frenzel, Bill [R-MN-3]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1979-04-30)

Plain Language Summary

[AI summary unavailable — showing source text] Individual Housing Act of 1979 - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $3,000 annually and $15,000 in a lifetime for cash contributions to an individual housing account (IHA) established to finance the purchase of a principal residence for the taxpayer. Exempts IHA's from income taxation. Excludes from gross income distributions to a taxpayer from an individual housing account used to purchase a principal residence.…

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