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United States · Bill · HR

H.R. 2346 (97th)

Individual Retirement Savings Act of 1981

openUnited States· United States Congress· EN

Introduced

5 March 1981

Last action

4 August 1981 · Committee

Status

See H.R.4242.

Sponsors

Rep. Cotter, William R. [D-CT-1], Rep. St Germain, Fernand J. [D-RI-1], Rep. Benjamin, Adam, Jr. [D-IN-1], Rep. Fascell, Dante B. [D-FL-15], Rep. Minish, Joseph G. [D-NJ-11], Rep. Butler, M. Caldwell [R-VA-6], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Lloyd, Marilyn [D-TN-3], Rep. Bedell, Berkley W. [D-IA-6], Rep. Frank, Barney [D-MA-4], Rep. Holt, Marjorie S. [R-MD-4], Rep. Neal, Stephen L. [D-NC-5], Rep. Lowery, Bill [R-CA-41], Rep. Bonior, David E. [D-MI-12], Rep. Lehman, William [D-FL-13], Rep. Kogovsek, Ray [D-CO-3], Rep. Oberstar, James L. [D-MN-8], Rep. Coyne, James K. [R-PA-8], Rep. Evans, Billy Lee [D-GA-8], Rep. Hamilton, Lee H. [D-IN-9], Rep. Wolpe, Howard E. [D-MI-3], Rep. Guarini, Frank J. [D-NJ-14], Rep. Dornan, Robert K. [R-CA-38], Rep. Livingston, Bob [R-LA-1], Rep. McKinney, Stewart B. [R-CT-4], Rep. Ratchford, William R. [D-CT-5]

Subjects

Taxation

Source updated

29 August 2025

Taxation

Official sourceView documentsShare

Summary

Individual Retirement Savings Act of 1981 - Amends the Internal Revenue Code to increase the allowable income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 ($2,500 for spousal IRA) or the amount of an employee's taxable compensation for the taxable year. Permits active participants in tax-qualified retirement plans, tax-sheltered annuities, or government pension plans to claim an income tax deduction for contributions to an IRA up to a maximum of $500 for the taxable year. Disqualifies self-employed individuals from the retirement savings deduction. Requires financial institutions which provide more than one investment medium for IRAs to disclose specified information with respect to such IRAs.

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

Timeline

  1. 5 March 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 5 March 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 5 March 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 24 March 1981

    Committee

    Executive Comment Requested from Treasury.

    Source: Committee

  5. 4 August 1981

    Committee

    See H.R.4242.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Sponsors

Related records

Sources

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