To amend the Internal Revenue Code of 1986 to increase the maximum amount of contributions to individual retirement accounts and the amounts of adjusted gross income at which the IRA deduction phases out for active participants in pension plans, and to allow penalty-free distributions from individual retirement accounts and 401(k) plans for certain purposes.

Summary

Amends the Internal Revenue Code to increase the: (1) maximum deduction for individual retirement account contributions; and (2) income amount at which phase-out of that deduction begins. Exempts from the early distribution penalty: (1) distributions from certain types of retirement plans for first-time home buyer, education, or adoption expenses; and (2) for unemployed individuals (currently, for unemployed individuals for health insurance premiums). Modifies requirements regarding penalties for medical care early distributions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 25 February 1997

   Introduced

   Sponsor introductory remarks on measure. (CR H592)

   Source: IntroReferral

2. 27 February 1997

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 27 February 1997

   Introduced

   Introduced in House

   Source: IntroReferral

4. 27 February 1997

   Introduced

   Introduced in House

   Source: IntroReferral

5. 8 November 1997

   Introduced

   Sponsor introductory remarks on measure. (CR H10351)

   Source: IntroReferral

6. 4 March 1998

   Introduced

   Sponsor introductory remarks on measure. (CR H759)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 27 February 1997 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 February 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 February 1997

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 27 February 1997

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Saxton, Jim [R-NJ-3] · R · Sponsor
• Rep. DeLay, Tom [R-TX-22] · R · Sponsor
• Rep. Stump, Bob [R-AZ-3] · R · Sponsor
• Rep. Miller, Dan [R-FL-13] · R · Sponsor
• Rep. Armey, Richard K. [R-TX-26] · R · Sponsor
• Rep. Chabot, Steve [R-OH-1] · R · Sponsor
• Rep. Smith, Christopher H. [R-NJ-4] · R · Sponsor
• Rep. Weldon, Dave [R-FL-15] · R · Cosponsor
• Rep. Frost, Martin [D-TX-24] · D · Cosponsor
• Rep. Foley, Mark [R-FL-16] · R · Cosponsor
• Rep. Emerson, Jo Ann [R-MO-8] · R · Cosponsor
• Rep. Bachus, Spencer [R-AL-6] · R · Cosponsor
• Sen. Talent, Jim [R-MO] · R · Cosponsor
• · hswm00 · Standing

Related records

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