Omnibus Savings Incentive Act of 1981

[AI summary unavailable — showing source text] Omnibus Savings Incentive Act of 1981 - Title I: Home Purchase Savings Account - Amends the Internal Revenue Code to allow individuals who are saving for their first home an income tax credit for cash contributions made during the taxable year to an individual housing account. Limits the amount of such credit to $2,500 for any taxable year and $10,000 during a lifetime. Sets forth requirements for the establishment of an individual housing account. Imposes penalties for distributions made from an individual housing account which are not used in connection with the purchase of a principal residence. Exempts interest earned on an individual housing account from income taxation. Requires the trustee of an individual housing account to make such reports regarding the maintenance of an account as the Secretary of the Treasury may require. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions. Title II: Exclusions of Interest Received - Excludes from gross income up to $1,000 ($2,000 in the case of a married couple filing jointly) of interest earned on savings accounts, bonds, debentures and Federal, State o…