H.R.3497 - Individual Investment Account Act of 1998105th Congress (1997-1998)
|Sponsor:||Rep. McCrery, Jim [R-LA-4] (Introduced 03/18/1998)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/18/1998 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3497 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in House (03/18/1998)
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 this Act for inflation. Allows such deduction in determining adjusted gross income.
Exempts such accounts from estate tax.
Provides for adjusting the basis of a residence acquired through the use of an individual investment account.