S.2881: A bill to amend the Internal Revenue Code of 1986 to exclude from income amounts received by an employee from an employer as assistance towards the purchase of a principal residence.

Amends the Internal Revenue Code to exclude from an eligible employee's gross income amounts paid or incurred by the employer of such employee as part of a homeownership assistance program meeting specified criteria. Sets as a maximum exclusion for one eligible employee an amount equal to 10 percent of the maximum principal obligation for a mortgage insured under the National Housing Act with respect to the residence purchased.Limits...

(Source: Library of Congress)