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9/17/2007--Introduced.<br/>Restore American Dream Act of 2007 - Amends the Internal Revenue Code to establish tax-exempt homeownership plans. Allows a tax deduction from gross income for cash contributions to such plans. Defines &quot;homeownership plan&quot; as a trust established for the exclusive purpose of paying the costs (e.g., downpayment, interest, mortgage insurance, closing costs, etc.) of acquiring a principal residence by an individual who has never owned a principal residence. Excludes from gross income distributions from a homeownership plan used to pay the costs of acquiring a principal residence. Sets forth rules governing: (1) transfers of an interest in a plan due to death or divorce; (2) penalties for making distributions from a plan for purposes other than to acquire a principal residence; and (3) employer homeownership plans established for the benefit of their employees.<br/>

1190001600 2007-09-17 Fri Nov 07 01:18:50 -0600 2008 introduced 46161 'act':4 '2007':6 'dream':3 'restor':1 'american':2 53238 false short introduced 46161 '1986':8 'code':6 'plan':22 'amend':2 'deduct':17 'intern':4 'provid':10 'revenu':5 'contribut':19 'establish':13 'homeownership':21 52184 official introduced 46161 1190001600 Mon Sep 17 00:00:00 -0500 2007 129271 W000314 1961-01-02 5692 2241 Rayburn House Office Building http://wexler.house.gov/email.shtml 19 202-225-5974 Robert 'd':4 'fl':5 '-19':6 'rep':1 'robert':2,7,9 'wexler':3,8,10 M 400430 Wexler Robert_Wexler Rep. Robert Wexler [D, FL-19] 2025 N00002905 8125 Democrat 202-225-3001 Jewish FL Robert Wexler 4.38888888888889 http://wexler.house.gov/ CongressmanWexler introduced 46161 1190001600 Mon Sep 17 00:00:00 -0500 2007 129271 action 46161 1190001600 Mon Sep 17 00:00:00 -0500 2007 129272 Referred to the House Committee on Ways and Means.