Individual Housing Account Act - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a trust account established for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $5,000, with a maximum lifetime deduction of $20,000. Excludes distributions from such account from gross income if they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence.
Requires the trustee of an individual housing account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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