Employee Retirement Savings Contribution Act of 1981

Summary

Employee Retirement Savings Contribution Act of 1981 - Amends the Internal Revenue Code to permit participants in tax-qualified retirement savings plans to make tax deductible contributions to such plans and to individual retirement accounts (IRA) to the extent of $2,000 or 15 percent of taxable compensation, whichever is lesser. Permits government employees not subject to social security taxes to claim a tax deduction for contributions to a retirement savings plan of up to $2,000, to the extent that contributions exceed the amount they would otherwise pay in social security taxes. Increases the maximum income tax deduction for contributions to an IRA to $2,000 ($2,250 for spousal IRAs). Treats employee contributions to retirement savings plans as employer contributions for purposes of the tax treatment of such contributions.

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Timeline

1. 29 April 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 29 April 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

3. 6 May 1981

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 29 April 1981

  Open at official source

Sponsors

• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Mattingly, Mack [R-GA] · R · Cosponsor
• · ssfi00 · Standing

Related records

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