National Savings Enhancement Act of 1990

Summary

National Savings Enhancement Act of 1990 - Amends the Internal Revenue Code to allow a taxpayer to take an advance deduction of contributions to be made to an individual retirement plan. Establishes a penalty tax for: (1) the failure of the taxpayer to make the required contributions; and (2) the failure of the employer to establish a direct deposit program through which the employee may make such contributions. Limits the deduction on contributions to individual retirement plans to taxpayers whose adjusted gross income does not exceed $50,000 ($85,000 in the case of a joint return). Disallows a deduction for interest on loans incurred to make contributions to individual retirement plans. Allows the use of individual retirement plans as security for certain home purchase loans and educational loans.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 2 May 1990

  Open at official source

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