PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Jan 9, 1997
Domestic Investment Economic Growth Act - Amends the Internal Revenue Code to exclude from gross income gain on qualified investments in an enterprise zone business and a domestic business. Excludes 100 percent of such gain from investment in an enterprise zone business or an urban enterprise zone, and 50 percent of such gain from other qualified investments. Provides for the establishment of investment savings accounts. Allows an individual a deduction of 50 percent of the qualified contributions to an investment savings account. Limits the maximum annual deduction to $100,000. Defines qualified contributions. Defines an investment savings account. Provides that any amount distributed out of such an account shall be included in the gross income of the distributee, except for amounts held in the account for at least ten years. Makes such accounts tax-exempt, except for the imposition of the tax on unrelated business income of charitable, etc., organizations. Imposes, in the case of a distribution from an investment savings account, an additional tax of ten percent of the amount of the distribution which is includible in the gross income of the distributee. Makes such tax inapplicable to distributions held in such accounts for at least five years if such distributions were made for: (1) home purchase expenses; (2) automobile purchase expenses; (3) education expenses; and (4) medical expenses. Makes such tax inapplicable if the distribution is made after the individual for whose benefit the account is established attains age 59 and one-half years or becomes disabled. Allows the deduction for contributions to investment savings accounts in computing adjusted gross income. Declares that such contributions are not subject to the gift tax. Subjects such accounts to the tax on excess contributions, the tax on prohibited transactions, and the penalty for failure to provide reports on individual retirement accounts or annuities. Imposes a penalty on any person who promotes a nonqualified investment as eligible under the provisions of this Act.
People & committees
Rep. Andrews, Robert E. [D-NJ-1] · D–NJ
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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Analyze H.R.391 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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