Creating Homeownership Opportunity Act of 2011

Referred to the House Committee on Ways and Means.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Nov 3, 2011

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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People & committees

Who introduced it

Rep. Renacci, James B. [R-OH-16] · R–OH

Committees

Ways and Means Committee

5 cosponsorship records, including any withdrawals

Legislative record

Actions

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Nov 3, 2011
Referred to the House Committee on Ways and Means.
Nov 3, 2011
Introduced in House
Nov 3, 2011
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Nov 3, 2011 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.

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Objective

Analyze H.R.3360 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.3360, 112th Congress: Creating Homeownership Opportunity Act of 2011

Official record: https://www.congress.gov/bill/112th-congress/house-bill/3360

Text version to examine: Introduced in House · 2011-11-03.

Official full text: https://www.congress.gov/112/bills/hr3360/BILLS-112hr3360ih.htm

Imported record last updated by the source: 2025-08-14T14:22:57Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.3360 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.3360 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.3360, 112th Congress: Creating Homeownership Opportunity Act of 2011

Official record: https://www.congress.gov/bill/112th-congress/house-bill/3360

Text version to examine: Introduced in House · 2011-11-03.

Official full text: https://www.congress.gov/112/bills/hr3360/BILLS-112hr3360ih.htm

Imported record last updated by the source: 2025-08-14T14:22:57Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3360 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.3360 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss H.R.3360, 112th Congress: Creating Homeownership Opportunity Act of 2011

Official record: https://www.congress.gov/bill/112th-congress/house-bill/3360

Text version to examine: Introduced in House · 2011-11-03.

Official full text: https://www.congress.gov/112/bills/hr3360/BILLS-112hr3360ih.htm

Imported record last updated by the source: 2025-08-14T14:22:57Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3360 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.3360 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.3360, 112th Congress: Creating Homeownership Opportunity Act of 2011

Official record: https://www.congress.gov/bill/112th-congress/house-bill/3360

Text version to examine: Introduced in House · 2011-11-03.

Official full text: https://www.congress.gov/112/bills/hr3360/BILLS-112hr3360ih.htm

Imported record last updated by the source: 2025-08-14T14:22:57Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3360 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.