Summary: H.R.1696 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.1696. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/10/1991)

First-Time Home Buyer's Act of 1991 - Amends the Internal Revenue Code to spread over a ten-year period the taxation of up to $5,000 of individual retirement plan distributions used by a first-time homebuyer within 90 days to purchase, construct, or reconstruct a dwelling that will be used as the taxpayer's principal residence for at least three years.