A bill to amend the Internal Revenue Code of 1954 to increase the amount of the deduction for individual savings and for contributions to Keogh plans, and for other purposes.

Summary

Amends the Internal Revenue Code to increase the amount of the deduction for contributions to an individual retirement account (IRA) by individuals to the lesser of the individual's annual compensation or $2,000. Allows pension plan participants and government employees a $1,000 tax deduction. Increases from $7,500 to $15,000 the annual income tax deduction for contributions to pension plans for self-employed individuals (Keogh plans). Allows individuals to withdraw amounts from retirement accounts or Keogh plans without penalty for the purchase of a home or the purchase of depreciable business assets. Stipulates that individual retirement accounts and Keogh plans be referred to as "Individual Savings and Investment Accounts."

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Documents

1 official file

• Introduced in House

  summary · EN · 11 June 1981

  Open at official source

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