H.R. 3397 · 108th Congress
Individual Investment Account Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
McCrerySponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Individual Investment Account Act of 2003 - 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.
What it does: CRS summary · Introduced in House · Oct 29, 2003
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Individual Investment Account Act of 2003
Latest action (Oct 29, 2003): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 29, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.