Savings and Investment Incentive Act of 1991

Summary

Savings and Investment Incentive Act of 1991 - Title I: Retirement Savings Incentives - Amends the Internal Revenue Code to remove the limitations on deductions for individual retirement plans and provides a cost-of-living adjustment for deductible amounts. Establishes special individual retirement accounts that are nondeductible. Makes such accounts nontaxable if earnings on contributions are held for at least five years. Applies the early withdrawal penalty to distributions made before the end of the five year-period. Title II: Penalty-Free Distributions - Provides exemptions from the ten-percent penalty on early withdrawals from individual retirement plans for: (1) first home purchases; (2) higher education expenses; and (2) financially devastating medical expenses.

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Timeline

1. 12 March 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 12 March 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 March 1991

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 March 1991

  Open at official source

Sponsors

• Rep. Pickle, J. J. [D-TX-10] · D · Sponsor
• Rep. Thomas, William M. [R-CA-20] · R · Sponsor
• Rep. Andrews, Michael [D-TX-25] · D · Sponsor
• Rep. Schulze, Richard T. [R-PA-5] · R · Sponsor
• Rep. Mazzoli, Romano L. [D-KY-3] · D · Sponsor
• Rep. Poshard, Glenn [D-IL-22] · D · Cosponsor
• Rep. Gordon, Bart [D-TN-6] · D · Cosponsor
• Rep. Ramstad, Jim [R-MN-3] · R · Cosponsor
• Rep. Costello, Jerry F. [D-IL-21] · D · Cosponsor
• Rep. Cunningham, Randy (Duke) [R-CA-50] · R · Cosponsor
• Rep. Jones, Ben [D-GA-4] · D · Cosponsor
• DANA ROHRABACHER · R · Cosponsor
• Rep. Lagomarsino, Robert J. [R-CA-19] · R · Cosponsor
• Rep. Fascell, Dante B. [D-FL-15] · D · Cosponsor
• Rep. Lightfoot, Jim [R-IA-5] · R · Cosponsor
• Rep. Combest, Larry [R-TX-19] · R · Cosponsor
• Rep. Kyl, Jon [R-AZ-4] · R · Cosponsor
• Rep. Tallon, Robert M. (Robin) [D-SC-6] · D · Cosponsor
• Rep. Henry, Paul B. [R-MI-5] · R · Cosponsor
• Rep. Chapman, Jim [D-TX-1] · D · Cosponsor
• Rep. Feighan, Edward F. [D-OH-19] · D · Cosponsor
• Rep. Livingston, Bob [R-LA-1] · R · Cosponsor
• Rep. Gibbons, Sam [D-FL-7] · D · Cosponsor
• Rep. Goss, Porter J. [R-FL-13] · R · Cosponsor
• Rep. Ireland, Andrew P. [R-FL-10] · R · Cosponsor
• Rep. Horton, Frank J. [R-NY-34] · R · Cosponsor
• Rep. Vucanovich, Barbara F. [R-NV-2] · R · Cosponsor
• Rep. Fazio, Vic [D-CA-4] · D · Cosponsor
• Rep. Thomas, Lindsay [D-GA-1] · D · Cosponsor
• Rep. Andrews, Robert E. [D-NJ-1] · D · Cosponsor
• Sen. Allard, Wayne [R-CO] · R · Cosponsor
• Rep. Zimmer, Dick [R-NJ-12] · R · Cosponsor
• Rep. Hefner, W. G. (Bill) [D-NC-8] · D · Cosponsor
• Rep. Roth, Toby [R-WI-8] · R · Cosponsor
• Rep. Martinez, Matthew G. [D-CA-30] · D · Cosponsor
• Rep. Doolittle, John T. [R-CA-4] · R · Cosponsor
• Rep. Wilson, Charles [D-TX-2] · D · Cosponsor
• Rep. Mineta, Norman Y. [D-CA-13] · D · Cosponsor
• LAMAR SMITH · R · Cosponsor
• Rep. Lloyd, Marilyn [D-TN-3] · D · Cosponsor
• Rep. Johnson, Tim [D-SD-At Large] · D · Cosponsor
• Rep. Quillen, James H. (Jimmy) [R-TN-1] · R · Cosponsor
• Del. de Lugo, Ron [D-VI-At Large] · D · Cosponsor
• Rep. Sikorski, Gerry E. [D-MN-6] · D · Cosponsor
• Rep. Synar, Mike [D-OK-2] · D · Cosponsor
• Rep. Davis, Robert W. [R-MI-11] · R · Cosponsor
• Rep. Brooks, Jack B. [D-TX-9] · D · Cosponsor
• Rep. Geren, Pete [D-TX-12] · D · Cosponsor

Showing 48 of 271 sponsors and actors.

Related records

• related to ← Savings and Investment Incentive Act of 1991
• related to ← Savings and Investment Incentive Act of 1991