3.0.0 4120 2022-11-01T13:50:15Z 2022-11-01T13:50:15Z House HR 2019-07-30 116 [Congressional Record Volume 165, Number 129 (Tuesday, July 30, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LAWSON of Florida:H.R. 4120.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8: To make all Laws which shall benecessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H7482]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-07-30T15:35:40Z 2019-07-30 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-07-30 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-07-30 Introduced in House IntroReferral 1000 9 Library of Congress L000586 Rep. Lawson, Al, Jr. [D-FL-5] Al Lawson D FL 5 N T000481 Rep. Tlaib, Rashida [D-MI-13] Rashida Tlaib D MI 13 2019-07-30 True C001063 Rep. Cuellar, Henry [D-TX-28] Henry Cuellar D TX 28 2019-08-06 False F000454 Rep. Foster, Bill [D-IL-11] Bill Foster D IL 11 2019-09-27 False Taxation Bank accounts, deposits, capital Housing and community development funding Housing finance and home ownership Income tax exclusion Marriage and family status Residential rehabilitation and home repair Tax treatment of families Taxation 00 2019-07-30 Introduced in House 2019-09-18T17:07:18Z First-Time Homeowners Assistance Act of 2019

This bill establishes a tax-exempt qualified first-time homeowner assistance program. Under such a program, a person may make cash contributions to a first-time homeowner assistance account.

The bill defines "first-time homeowner assistance account" as an account for providing down payment assistance to an account beneficiary who is a first-time homeowner of a principal residence in the United States. The amount of such downpayment assistance cannot exceed 10% of the cost of acquiring, constructing, or substantially improving the residence.

]]> First-Time Homeowners Assistance Act of 2019 Display Title First-Time Homeowners Assistance Act of 2019 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the tax treatment of first-time homeowner assistance programs established by States. Introduced in House IH Short Title(s) as Introduced First-Time Homeowners Assistance Act of 2019 Introduced in House IH Introduced in House 2019-07-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr4120ih/xml/BILLS-116hr4120ih.xml 2019-07-30 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.