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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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 11 April 1991

  Open at official source

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