A bill to amend the Internal Revenue Code of 1954 to allow certain individuals whose employers make contributions to pension plans a deduction for their contributions to certain individual retirement savings plans.

Summary

Amends the Internal Revenue Code to extend to individuals, whose employers make contributions to employer pension plans, the income tax deduction for cash contributions to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 ($1,750 for married couples) or an amount equal to 15 percent of an individual's employment compensation for a taxable year, over the employer contributions made on behalf of such individual under an employer pension plan. Disallows deductions for: (1) contributions made during the taxable year in which the individual (or his spouse) has reached age 70 1/2; (2) contributions which do not conform to methods prescribed by the Secretary of the Treasury for computing the total amount of plan contributions for a taxable year; (3) contributions of rollover amounts from tax qualified pension plans; and (4) amounts contributed under endowment contracts.

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Documents

1 official file

• Introduced in House

  summary · EN · 28 September 1979

  Open at official source

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