Savers and Investors Act of 1985

Summary

Savers and Investors Act of 1985 - Amends the Internal Revenue Code to provide that any tax deferred account is exempt from taxation except for the taxes imposed on unrelated business income. Defines "tax deferred account" as a trust created for the exclusive benefit of an individual or his beneficiaries but only if: (1) no contributions other than cash are accepted; (2) the trustee is a bank or other person satisfactory to the Secretary of the Treasury; (3) no part of the trust funds are invested in life insurance contracts; (4) the interest of the investor in the account is nonforfeitable; and (5) the assets will not be commingled with other property except in a common trust fund or common investment fund. Provides that earnings distributed from tax deferred accounts are taxed as ordinary income to the distributee. Permits the rollover from one tax deferred account to another tax deferred account without the imposition of tax, provided such transaction occurs not later than the 60th day after the distribution. Sets forth special rules concerning the termination of the account in certain situations, the pledging of the account as security, divorce, and the basis in the account after death. Requires the trustee of a tax deferred account to make certain reports as required by the Secretary of the Treasury.

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Timeline

1. 30 July 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 30 July 1985

   Introduced

   Introduced in House

   Source: IntroReferral

3. 30 July 1985

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in House

  summary · EN · 30 July 1985

  Open at official source

Sponsors

• Rep. Jenkins, Edgar L. [D-GA-9] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Savers and Investors Act of 1985