3.0.0 3557 2023-01-11T20:30:34Z 2023-01-11T20:30:34Z House H HR 2007-09-17 110 hswm00 Ways and Means Committee House Standing Referred to 2007-09-17T16:31:20Z 2007-09-17 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-09-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-09-17 Introduced in House IntroReferral 1000 9 Library of Congress W000314 Rep. Wexler, Robert [D-FL-19] ROBERT WEXLER D FL 19 N Taxation Death Divorce Employee benefit plans Families Home ownership Housing and Community Development Housing finance Income tax Labor and Employment Law Tax deductions Tax exclusion Tax penalties Trusts and trustees Taxation 00 2007-09-17 Introduced in House 2007-10-05T17:45:18Z Restore American Dream Act of 2007 - Amends the Internal Revenue Code to establish tax-exempt homeownership plans. Allows a tax deduction from gross income for cash contributions to such plans.

Defines "homeownership plan" as a trust established for the exclusive purpose of paying the costs (e.g., downpayment, interest, mortgage insurance, closing costs, etc.) of acquiring a principal residence by an individual who has never owned a principal residence.

Excludes from gross income distributions from a homeownership plan used to pay the costs of acquiring a principal residence. Sets forth rules governing: (1) transfers of an interest in a plan due to death or divorce; (2) penalties for making distributions from a plan for purposes other than to acquire a principal residence; and (3) employer homeownership plans established for the benefit of their employees.

]]> Restore American Dream Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, homeownership plans. Introduced in House IH Display Title Restore American Dream Act of 2007 Short Titles as Introduced Restore American Dream Act of 2007 Introduced in House 2007-09-17T04:00:00Z 2007-09-17 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.