PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 2, 1993
Individual Investment Account Act of 1991 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts, limited to $2,500. Allows tax-free distributions, limited to $15,000 for all taxable years, from such accounts for use in the purchase of a principal residence by a first-time homebuyer. Makes such accounts tax-exempt unless the individual engages in prohibited transactions. Adjusts dollar limitations under this Act for inflation. Allows such deduction in determining adjusted gross income. Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange. Provides for adjusting the basis of a residence acquired through the use of an individual investment account.
People & committees
Sen. Breaux, John B. [D-LA] · D–LA
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.
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