H.R.2260 - Individual Investment Account Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. McCrery, Jim [R-LA-4] (Introduced 06/20/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/20/2001 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2260 — 107th Congress (2001-2002)All Information (Except Text)
Individual Investment Account Act of 2001 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts. Allows tax-free account distributions, limited to $15,000 for all taxable years, 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. Allows such deduction in determining adjusted gross income.
Introduced in House (06/20/2001)
Exempts such accounts from estate tax.
Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating two years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange.
Provides for basis adjustment of a residence acquired through the use of an individual investment account.