3.0.0 3360 2022-03-02T16:39:41Z 2022-03-02T16:39:41Z House H HR 2011-11-03 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. RENACCI:H.R. 3360.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 1: ``The Congress shall havePower to lay and collect Taxes, Duties, Imposts and Excises,to pay the Debts and provide for the common Defence andgeneral Welfare of the United States; but all Duties, Impostsand Excises shall be uniform throughout the United States.''Article I, Section 8, Clause 18: ``The Congress shall havePower To make all Laws which shall be necessary and properfor carrying into Execution the foregoing Powers, and allother Powers vested by the Constitution in the Government ofthe United States, or in any Department or Officer thereof.''Amendment XVI: ``The Congress shall have power to lay andcollect taxes on incomes, from whatever source derived,without apportionment among the several States, and withoutregard to any census or enumeration.''[Page H7332]]]> hswm00 Ways and Means Committee House Standing Referred to 2011-11-03T14:03:35Z 2011-11-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-11-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-11-03 Introduced in House IntroReferral 1000 9 Library of Congress R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 N C001083 Rep. Carney, John C., Jr. [D-DE-At Large] John Carney D DE C. 0 2011-11-03 True M001181 Rep. Meehan, Patrick [R-PA-7] Patrick Meehan R PA 7 2011-11-03 True W000806 Rep. Webster, Daniel [R-FL-8] Daniel Webster R FL 8 2011-11-03 True Q000023 Rep. Quigley, Mike [D-IL-5] Mike Quigley D IL 5 2011-11-03 True W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2011-11-03 True Taxation Bank accounts, deposits, capital Housing finance and home ownership Income tax deductions Income tax exclusion Taxation

00 2011-11-03 Introduced in House 2011-11-29T20:53:30Z Creating Homeownership Opportunity Act of 2011 - Amends the Internal Revenue Code to establish tax-exempt housing equity savings accounts to assist individual taxpayers under the age of 55 in paying the costs of acquiring, constructing, or reconstructing a principal residence. Allows: (1) a deduction from gross income for cash contributions to such accounts for the lesser of $10,000 or the compensation includible in the taxpayer's gross income for a taxable year, (2) an exclusion from gross income of amounts distributed from such accounts that are used by an account beneficiary to purchase a principal residence or make payments to such beneficiary's individual retirement account (IRA), and (3) a tax-free rollover into an IRA if an account beneficiary reaches age 55 or has maintained an account for 20 years without purchasing a residence.

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Short Titles as Introduced Display Title Official Title as Introduced Introduced in House 2011-11-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr3360ih/xml/BILLS-112hr3360ih.xml 2011-11-03 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.