U.S. Congress - H.R.3557 Restore American Dream Act of 2007
H.R.3557 - Restore American Dream Act of 2007
To amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, homeownership plans. view all titles (2)
All Bill Titles
- Short: Restore American Dream Act of 2007 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, homeownership plans. as introduced.
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Official Summary
9/17/2007--Introduced.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 "homeownership plan" as a trust established for the exclOfficial Summary
9/17/2007--Introduced.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 "homeownership plan" 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.
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Recent Blog Coverage
CARDINAL OâCONNOR RECEIVING THE CONGRESSIONAL GOLD MEDAL
Mr. Speaker, I rise today in opposition to HR 3557. At the same time, I rise in total support of, and with complete respect for, the work of Cardinal OâConnor. Cardinal OâConnor is a true hero as he labors tirelessly on behalf of the ...
HR 3557, To amend the Internal Revenue Code of 1986 to provide for ...
HR 3557 would amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, homeownership plans....
Bill Action: Introduced: HR 3557: To amend the Internal Revenue ...
Robert Wexler [D-FL] introduced HR 3557: To amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, homeownership plans. [This event matched these trackers: Introduced ...
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