Individual Housing Account Act

[AI summary unavailable — showing source text] Individual Housing Account Act - Amends the Internal Revenue Code to allow a income tax deduction from gross income for cash contributions to a tax-exempt savings account established for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing a principal residence. Limits the maximum annual deduction to $2,500, with a maximum lifetime deduction of $10,000. Excludes distributions from such account from gross income so long as they are used exclusively for the purpose of purchasing a principal residence.…