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A04427 Summary:

BILL NOA04427A
 
SAME ASNo Same As
 
SPONSORRamos
 
COSPNSRSkoufis, Schimminger, Santabarbara, Mosley, Hooper, Cook, Skartados, Joyner, Sepulveda, Cahill, Davila, Otis, Blake
 
MLTSPNSRAbbate, Brennan, Englebright, McDonald, Thiele
 
Amd 612, Tax L
 
Provides for the establishment of a home purchase account; enables first time house, townhouse, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; provides withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, townhouse, condominium or unit in a cooperative housing corporation or the construction of a house, townhouse, condominium or unit in a cooperative housing corporation; provides that inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized.
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