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United States · Bill · HR

H.R. 8283 (96th)

Individual Retirement Savings Act of 1980

referredUnited States· United States Congress· EN

Introduced

2 October 1980

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

2 September 2025

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Summary

Individual Retirement Savings Act of 1980 - Amends the Internal Revenue Code to increase the allowable amount of the income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 or the amount of an employee's taxable compensation. Permits active participants in tax-qualified retirement plans, tax-sheltered annuities, or governmental plans to claim an income tax deduction for contribution to an IRA up to a maximum of $500 for the taxable year. Disqualifies self-employed individuals and shareholder employees for the retirement savings deduction.

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Documents

1 official file

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