Summary: S.257 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for S.257. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (01/25/1989)

First-Time Homebuyer Opportunity Act of 1989 - Amends the Internal Revenue Code to exclude from the gross income of a first-time homebuyer up to $10,000 of individual retirement plan distributions used within 90 days to acquire a principal residence. Requires that amounts equal to the distributions in question be paid into the affected account at least 12 months prior to the purchase of the home.