A bill to amend the Internal Revenue Code of 1954 to increase the amount allowable as a deduction for retirement savings and to allow a deduction for retirement savings of individuals covered by certain types of retirement plans.

Summary

Amends the Internal Revenue Code to increase the income tax deduction for contributions to retirement savings accounts to $5,000 for taxable years beginning in 1979 with yearly cost-of-living increases for succeeding taxable years. Permits participants in tax-exempt retirement plans, qualified annuity and bond purchase plans, and government retirement plans to claim the same deduction for contributions to retirement savings accounts as non-participants subject to a reduction in the amount of such deduction for any contributions made to such plans in a taxable year.

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

Timeline

1. 17 August 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 17 August 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 17 August 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in House

  summary · EN · 17 August 1978

  Open at official source

Sponsors

• Rep. Cochran, Thad [R-MS-4] · R · Sponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.