A bill to amend the Internal Revenue Code of 1954 to allow certain employees covered by employer retirement plans a deduction for contributions to such plans or to individual retirement plans.

Summary

Amends the Internal Revenue Code to allow employees who are participants in tax-qualified employer retirement plans an income tax deduction for contributions to such plans or to individual retirement accounts. Limits the amount of such deduction to the lesser of 15 percent of the employee's compensation for the taxable year, or $1,000. Disallows such deduction for: (1) individuals claiming a deduction for contributions for retirement savings; (2) individuals who have attained age 70 1/2 in the taxable year of an employee contribution; and (3) government employees who are participants in a plan established by a Federal or State instrumentality. Excludes amounts contributed by an employee pursuant to the terms of this Act from the gross income of such employee.

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Documents

1 official file

• Introduced in House

  summary · EN · 6 December 1979

  Open at official source

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