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.

Summary

Amends the Internal Revenue Code to allow individuals an a 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. Limits the deduction, in the case of employees covered by exempted government plans, to employees whose employers have elected to meet the Internal Revenue Code's criteria for qualified pension plans.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 23 March 1977

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.