Retirement Savings Equal Treatment Act

Summary

Retirement Savings Equal Treatment Act - Amends the Internal Revenue Code to extend to individuals whose employers make contributions to employer pension plans the income tax deduction for cash contributions to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 ($1,750 for married couples) or an amount equal to 15 percent of an individual's employment compensation for a taxable year, over the employer contributions made on behalf of such individual under an employer pension plan. Disallows deductions for contributions made during the taxable year in which an individual has reached age 70 1/2 and for contributions which do not conform to methods prescribed by the Secretary of the Treasury for computing the total amount of plan contributions for a taxable year.

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Timeline

1. 15 January 1979

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 15 January 1979

   Introduced

   Introduced in House

   Source: IntroReferral

3. 15 January 1979

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 15 January 1979

  Open at official source

Sponsors

• Rep. Wolff, Lester L. [D-NY-6] · D · Sponsor
• · hswm00 · Standing

Related records

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