Bank Savings and Investment Act of 1991

Summary

Bank Savings and Investment Act of 1991 - Amends the Internal Revenue Code to allow the establishment of tax-exempt family savings accounts in federally insured financial institutions for the exclusive benefit of an individual and the individual's beneficiaries. Limits contributions to such accounts to the lesser of $2,500 or the compensation includible in the individual's gross income. Allows distributions from such accounts for: (1) security for a loan; (2) contributions to a family savings account in excess of the limitation; and (3) any other event as prescribed by regulations. Permits penalty-free withdrawals of up to $10,000 from individual retirement plans in federally insured financial institutions for a first-home purchase.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 6 March 1991

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.