H.R. 3557 would amend the Internal Revenue Code of 1986 to provide for the establishment of, and the deduction of contributions to, homeownership plans.

== Detailed Summary ==

<summary>
(Log inRestore American Dream Act of 2007 - Amends the Internal Revenue Code to editestablish tax-exempt homeownership plans. Allows a tax deduction from gross income for cash contributions to such plans.

Defines &quot;homeownership plan&quot; as a trust established for the wiki and beexclusive purpose of paying the firstcosts (e.g., downpayment, interest, mortgage insurance, closing costs, etc.) of acquiring a principal residence by an individual who has never owned a principal residence.

Excludes from gross income distributions from a homeownership plan used to providepay the costs of acquiring a detailed summaryprincipal residence. Sets forth rules governing: (1) transfers of an interest in a plan due to death or divorce; (2) penalties for making distributions from a plan for purposes other than to acquire a principal residence; and (3) employer homeownership plans established for the bill!)benefit of their employees.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 9/17/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
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== Points in Favor ==

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== Points Against ==

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