Employee Retirement Savings Contribution Act of 1980

Summary

Employee Retirement Savings Contribution Act of 1980 - 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 $1,500. Disallows such deduction for: (1) individuals claiming a deduction for contributions for retirement savings; and (2) 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 · 2 October 1980

  Open at official source

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