H.R. 339 · 109th Congress
Individual Investment Account Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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McCrerySponsor12 cosponsors · 12 R
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Jenkins
LF
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Fortuño
PE
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English
RK
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Kuhl
ND
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Deal
RH
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Hall
JM
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Miller
FS
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Sensenbrenner
MM
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McCaul
DW
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Weldon
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Paul
JB
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Bradley0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Individual Investment Account Act of 2005 - Amends the Internal Revenue Code to allow an individual taxpayer a tax deduction from gross income (whether or not the taxpayer itemizes deductions) for cash contributions to an individual investment account.
What it does: CRS summary · Introduced in House · Jan 25, 2005
Individual Investment Account Act of 2005 - Amends the Internal Revenue Code to allow an individual taxpayer a tax deduction from gross income (whether or not the taxpayer itemizes deductions) for cash contributions to an individual investment account. Permits tax free distributions up to $15,000 from such accounts for the purchase of a principal residence by a first-time homebuyer. Allows an annual inflation adjustment to the $15,000 limit beginning in 2006.
Excludes individual investment accounts from the calculation of the gross estate for estate tax purposes.
Excludes from gross income gain from the sale of a principal residence if such gain is reinvested in 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 2005
Latest action (Jan 25, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 25, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.