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United States · Bill · HR

H.R. 4121 (95th)

A bill to amend the Internal Revenue Code of 1954 to allow persons covered by certain other retirement plans to establish personal savings for retirement.

referredUnited States· United States Congress· EN

Introduced

28 February 1977

Last action

28 February 1977 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Cornell, Robert J. [D-WI-8], Rep. Akaka, Daniel K. [D-HI-2], Rep. Badillo, Herman [D-NY-21], Rep. Baldus, Alvin J. [D-WI-3], Rep. Bedell, Berkley W. [D-IA-6], Rep. Benjamin, Adam, Jr. [D-IN-1], Rep. Blanchard, James [D-MI-18], Rep. Bonior, David E. [D-MI-12], Rep. Butler, M. Caldwell [R-VA-6], Rep. Cohen, William S. [R-ME-2], Rep. Daniel, W. C. (Dan) [D-VA-5], Rep. Delaney, James J. [D-NY-9], Rep. Dellums, Ronald V. [D-CA-8], Rep. Drinan, Robert F. [D-MA-4], Rep. Emery, David F. [R-ME-1], Rep. Ertel, Allen E. [D-PA-17], Rep. Evans, David W. [D-IN-6], Rep. Fascell, Dante B. [D-FL-15], Rep. Fenwick, Millicent H. [R-NJ-5], Rep. Howard, James J. [D-NJ-3], Rep. Kindness, Thomas N. [R-OH-8], Rep. Koch, Edward I. [D-NY-18], Rep. Krebs, John H. [D-CA-17], Rep. Leach, James A. [R-IA-1], Rep. Martin, James G. [R-NC-9]

Subjects

Taxation

Source updated

1 August 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow individuals an income tax deduction for amounts paid into an employee's tax-exempt retirement trust, or for an annuity contract. Limits the allowable deduction to 15 percent of the individual's gross income, or $1,500, whichever is less, minus a specified portion of the employer's contributions and, in the case of employees exempt from self-employment, FICA or Railroad Retirement Act taxation, the amount of FICA tax liability they would have paid if they were not exempt.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 28 February 1977

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 28 February 1977

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 28 February 1977

    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

Sponsors

Related records

Sources

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