H.R. 4430 · 109th Congress
To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a…
Full title
To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a charitable purpose.
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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.
R
WeldonSponsorNo cosponsors.
Amends the Internal Revenue Code to deem qualified homeowner downpayment assistance as a charitable purpose for income, estate, and gift tax purposes.
What it does: CRS summary · Introduced in House · Nov 18, 2005
Amends the Internal Revenue Code to deem qualified homeowner downpayment assistance as a charitable purpose for income, estate, and gift tax purposes. Defines "qualified homeowner downpayment assistance" as a gift of cash for the purpose of providing any downpayment for the purchase of a principal residence for a taxpayer whose modified adjusted gross income does not exceed $110,000. Limits the amount of such gift to the lesser of $60,000 or 20 percent of the value of the residence.
Denies an income tax deduction to a donor of homeowner downpayment assistance who receives a direct financial benefit in connection with the purchase of a principal residence for which downpayment assistance was provided.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a charitable purpose.
Latest action (Nov 18, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Nov 18, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.