To amend the Internal Revenue Code of 1986 to create Lifetime Savings Accounts.

Summary

Amends the Internal Revenue Code to create a tax-exempt trust to be known as a "Lifetime Savings Account" for the benefit of an individual taxpayer or his beneficiaries. Allows an individual taxpayer to make cash contributions up to $5,000 each year to such trusts. Prohibits: (1) investment of trust assets in life insurance contracts; and (2) commingling of trust assets with any other property except in a common trust or investment fund. Provides for an annual cost-of-living adjustment to the contribution amount. Excludes from gross income distributions from such a trust. Allows tax-free rollovers to a trust from: (1) another account of the trust beneficiary if the rollover from such other account is completed within 60 days of the date of distribution; (2) from a Lifetime Savings Account of the spouse of the trust beneficiary if the rollover from the spouse's account is completed within 60 days of the date of distribution; (3) from a qualified state tuition plan or a Coverdell education savings account before January 1, 2006.

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Timeline

1. 31 March 2004

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 31 March 2004

   Introduced

   Sponsor introductory remarks on measure. (CR H1744-1745)

   Source: IntroReferral

3. 31 March 2004

   Introduced

   Introduced in House

   Source: IntroReferral

4. 31 March 2004

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 31 March 2004 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 March 2004

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 31 March 2004

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 31 March 2004

  Open at official source

Sponsors

• SAM JOHNSON · R · Sponsor
• Rep. English, Phil [R-PA-3] · R · Sponsor
• Rep. Hayworth, J. D. [R-AZ-5] · R · Sponsor
• Rep. Foley, Mark [R-FL-16] · R · Sponsor
• KEVIN BRADY · R · Sponsor
• PAUL RYAN · R · Sponsor
• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• Rep. Myrick, Sue Wilkins [R-NC-9] · R · Sponsor
• Rep. Kline, John [R-MN-2] · R · Sponsor
• Rep. Barrett, J. Gresham [R-SC-3] · R · Sponsor
• Tim Murphy · R · Sponsor
• Rep. Chocola, Chris [R-IN-2] · R · Sponsor
• WALTER JONES · R · Sponsor
• Rep. Weldon, Dave [R-FL-15] · R · Sponsor
• Rep. Feeney, Tom [R-FL-24] · R · Sponsor
• Rep. Garrett, Scott [R-NJ-5] · R · Sponsor
• Jeb Hensarling · R · Sponsor
• Rep. Shadegg, John B. [R-AZ-3] · R · Sponsor
• Rep. Pence, Mike [R-IN-6] · R · Sponsor
• Rep. Akin, W. Todd [R-MO-2] · R · Sponsor
• Rep. Gutknecht, Gil [R-MN-1] · R · Sponsor
• Rep. Bartlett, Roscoe G. [R-MD-6] · R · Sponsor
• Michael Burgess · R · Sponsor
• Rep. Burton, Dan [R-IN-6] · R · Cosponsor
• Rep. Hostettler, John N. [R-IN-8] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1986 to create Lifetime Savings Accounts.