US Congress House Bill 3360 (Prior Session Legislation)

---

Sponsorship: Bipartisan Bill
Status: Introduced on November 3 2011 - 25% progression, died in committee
Action: 2011-11-03 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Creating Homeownership Opportunity Act of 2011 - Amends the Internal Revenue Code to establish tax-exempt housing equity savings accounts to assist individual taxpayers under the age of 55 in paying the costs of acquiring, constructing, or reconstructing a principal residence. Allows: (1) a deduction from gross income for cash contributions to such accounts for the lesser of $10,000 or the compensation includible in the taxpayer's gross income for a taxable year, (2) an exclusion from gross income of amounts distributed from such accounts that are used by an account beneficiary to purchase a principal residence or make payments to such beneficiary's individual retirement account (IRA), and (3) a tax-free rollover into an IRA if an account beneficiary reaches age 55 or has maintained an account for 20 years without purchasing a residence.

Creating Homeownership Opportunity Act of 2011

Rep. James Renacci [R-OH]	Rep. John Carney [D-DE]	Rep. Patrick Meehan [R-PA]	Rep. Mike Quigley [D-IL]
Rep. Daniel Webster [R-FL]	Sen. Peter Welch [D-VT]

Date	Chamber	Action
2011-11-03	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/3360/all-info
Text	https://www.congress.gov/112/bills/hr3360/BILLS-112hr3360ih.pdf