Individual Housing Account Act of 1980
Latest action. Referred to House Committee on Ways and Means.
Individual Housing Account Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction from gross income for cash contributions to an individual housing account. Limits the amount of such deduction to $2,500 ($5,000 for married couples) for a taxable year and to $25,000 in all taxable years. Prohibits any deduction which is claimed in a taxable year commencing more than nine years after the first such deduction was claimed. Reduces the amount of the annual deduction by $250 for each $1,000 by which a taxpayer's adjusted gross income exceeds $30,000. Defines "individual housing account" as a trust created for the exclusive benefit of an individual who has never owned his principal residence. Sets forth requirements for the establishment and maintenance of an individual housing account. Grants tax-exempt status upon an individual housing account trust. Excludes from the gross income of a trust beneficiary amounts distributed from a trust which are used exclusively in connection with the purchase of a principal residence for the beneficiary. Sets forth rules for the tax treatment of a trust and distributions from a trust in the case of divorce, improper distributions from a trust, and contributions to a trust in excess of the allowable amount. Prescribes a penalty equal to ten percent of the payments from a trust which are made for purposes other than the purchase of a principal residence. Requires the trustee of an individual housing account to file informational returns with the Secretary of the Treasury as required. Prescribes penalties for failure to file such returns. Treats as ordinary income, rather than capital gain, that portion of the gain from the sale or exchange of a principal residence purchased with funds from an individual housing account, which is attributable to the reduction of the taxpayer's basis in the residence as required by this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on May 14, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on May 14, 1980: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JOE MOAKLEY (D-MA) introduced it on May 14, 1980. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on May 14, 1980, 16967 days ago. The most recent recorded action was 16967 days ago, on May 14, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers