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- H.R.3497
H.R.3497: Individual Investment Account Act of 1998
About This Bill
- This bill was introduced in the 105th Congress
- This bill is primarily about taxation
- Introduced March 18, 1998
- Latest Major Action March 18, 1998
- See the five similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
12 (2 Democrats, 11 Republicans)
Bill Summary
Individual Investment Account Act of 1998 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts. Allows tax-free distributions, limited to $20,000 for all taxable years, from such accounts for use in the purchase of a principal residence by a first-time homebuyer. Makes such accounts tax-exempt unless the individual engages in prohibited transactions. Adjusts dollar limitations under...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Referred to the House Committee on Ways and Means.
|
|
| March 18, 1998 |
Introduced in the House by Jim O. McCrery (R-La.) |