To amend the Internal Revenue Code of 1986 to repeal the restrictions on retirement savings deductions added by the Tax Reform Act of 1986 and to allow up to a $2,000 deduction for retirement savings for a nonworking spouse.

Summary

Repeals provisions of the Tax Reform Act of 1986 that place limitations on: (1) individual retirement account (IRA) deductions for active participants in certain pension plans; and (2) nondeductible contributions to individual retirement plans. Amends the Internal Revenue Code to permit a nonworking or the lesser-earning spouse filing a joint income tax return to include the spouse's compensation in calculations made to determine the maximum amount permitted as a deduction for qualified retirement contributions (thus permitting such a taxpayer to deduct up to $2,000).

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Timeline

1. 27 January 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 27 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 January 1989

  Open at official source

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Sponsors

• Rep. Dreier, David [R-CA-26] · R · Sponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• Sen. Craig, Larry E. [R-ID] · R · Cosponsor
• Rep. Hutto, Earl [D-FL-1] · D · Cosponsor
• Rep. Dornan, Robert K. [R-CA-46] · R · Cosponsor
• Rep. Rhodes, John J., III [R-AZ-1] · R · Cosponsor
• Rep. Shays, Christopher [R-CT-4] · R · Cosponsor
• Rep. McCollum, Bill [R-FL-8] · R · Cosponsor
• Sen. Smith, Bob [R-NH] · R · Cosponsor
• Rep. Brown, George E., Jr. [D-CA-42] · D · Cosponsor
• Rep. Poshard, Glenn [D-IL-22] · D · Cosponsor
• · hswm00 · Standing

Related records

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