3.0.0 4430 2023-01-13T04:49:38Z 2023-01-13T04:49:38Z House H HR 2005-11-18 109 hswm00 Ways and Means Committee House Standing Referred to 2005-11-18T14:04:30Z 2005-11-18 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-11-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-11-18 Introduced in House IntroReferral 1000 9 Library of Congress W000267 Rep. Weldon, Dave [R-FL-15] DAVE WELDON R FL 15 N Taxation Charitable contributions Housing and Community Development Housing finance Income tax Mortgages Tax deductions Tax-exempt organizations Taxation 00 2005-11-18 Introduced in House 2005-12-08T21:39:32Z 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.

]]> To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a charitable purpose. Display Title To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a charitable purpose. Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide that qualified homeowner downpayment assistance is a charitable purpose. Introduced in House IH Introduced in House 2005-11-18T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr4430ih/xml/BILLS-109hr4430ih.xml 2005-11-18 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.