A bill to repeal the provisions of the Tax Reform Act of 1986 which limit the deductibility of contributions to individual retirement accounts and to allow the deduction for such contributions to be computed for married individuals on the basis of their combined compensation.

Summary

Repeals specified provisions of the Tax Reform Act of 1986 that place limitations on: (1) individual retirement account (IRA) deductions for active participants in certain pension plans; and (2) nondeductible contributions to individual retirement plans. States that the Internal Revenue Code (IRC) shall be applied and administered as if such provisions had not been enacted. Amends the IRC to permit an individual filing a joint income tax return to include a spouse's compensation in calculations to determine the maximum amount permitted as a deduction for qualified retirement contributions (thus permitting a nonworking or the lesser-earning spouse a deduction of up to $2,000 for IRA contributions).

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Documents

1 official file

• Introduced in House

  summary · EN · 11 May 1987

  Open at official source

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