legislation: 107-s-2881

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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
107-s-2881 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. Taxation 2002-08-01 2002-08-01 Read twice and referred to the Committee on Finance. Senate Sen. Harkin, Tom [D-IA] IA D H000206 0 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. 2026-02-10T13:37:26Z https://www.congress.gov/bill/107th-congress/senate-bill/2881

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