legislation: 99-hr-4987

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
99-hr-4987 99 hr 4987 Home Ownership Opportunity Act of 1986 Taxation 1986-06-11 1986-06-11 Referred to House Committee on Ways and Means. House Rep. Lantos, Tom [D-CA-11] CA D L000090 0 Home Ownership Opportunity Act of 1986 - Amends the Internal Revenue Code to allow distributions from an individual retirement account or annuity to be used for the purchase of a home by a first-time homebuyer. Limits the amounts of such a distribution to a $10,000 aggregate maximum. Reduces the basis of any principal residence by the amount of distribution used for the purchase. Treats as ordinary income any gain realized on the sale of a principal residence to the extent of any amount of such distribution used for the purchase. Defines a "first-time homebuyer" as any individual who has had no present ownership interest in a principal residence during the three-year prior to the purchase of the principal residence for which such distributions are used. 2025-08-29T16:30:53Z  

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