Congress 107 - S 2881 - A bill to amend the Internal Revenue Code of 1986 to exclude from income amounts received by an employee from an employer as assistance towards the purchase of a principal residence.

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Topics

Construction costs Cost of living adjustments Economics and Public Finance Finance and Financial Sector Fringe benefits Home ownership Home repair and improvement Housing and Community Development Housing finance Income tax Indexing (Economic policy) Labor and Employment Mortgage loans Personal income tax Residential rehabilitation Tax exclusion Tax returns Taxation

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Summary

Amends the Internal Revenue Code to exclude from an eligible employee's gross income amounts paid or incurred by the employer of such employee as part of a homeownership assistance program meeting specified criteria. Sets as a maximum exclusion for one eligible employee an amount equal to 10 percent of the maximum principal obligation for a mortgage insured under the National Housing Act with respect to the residence purchased.

Limits participation to first-time homebuyers with incomes below specified levels.

Prohibits the exclusion for employees buying residences with prices in excess of 90 percent of the maximum principal obligation for a mortgage insured under the National Housing Act with respect to the residence.

Reduces the basis in a residence by the amount of the exclusion.

Actions

Aug 1, 2002

Read twice and referred to the Committee on Finance.
Aug 1, 2002

Introduced in Senate

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