United States · Bill · HR
H.R. 3042 (104th)
Tax-Free Savings and Investment Income Act
Introduced
7 March 1996
Last action
—
Status
Referred to the House Committee on Ways and Means.
Sponsors
—
Subjects
Discovery layer
Source updated
21 August 2025
Summary
Tax-Free Savings and Investment Income Act - Amends the Internal Revenue Code to exclude from gross income up to $5,000 ($10,000 in the case of a joint return) of unearned income. Defines unearned income to mean income other than income from: (1) wages, salaries, tips, and other employee compensation; and (2) earned income from self-employment. Includes pension and annuity income in such definition. Makes ineligible for the exclusion: (1) certain nonresident aliens; and (2) estates and trusts.
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Votes
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Versions
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Documents
3 official files
Introduced in House (text)
Introduced in House (text)
Introduced in House · EN · 7 March 1996
Introduced in House (PDF)
Introduced in House · EN · 7 March 1996
Introduced in House
summary · EN · 7 March 1996
Sponsors
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Related records
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Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/104th-congress/house-bill/3042
- Open data entity: https://api.congress.gov/v3/bill/104/hr/3042