A bill to amend the Internal Revenue Code of 1986 to increase the amount of nondeductible contributions to individual retirement accounts, to exempt certain distributions from such accounts from the early withdrawal tax, and for other purposes.

Summary

Amends the Internal Revenue Code to increase the amount permitted as a nondeductible contribution to an individual retirement account from $2,000 to $4,000. Exempts from the ten percent penalty tax on early withdrawals from qualified individual retirement plans any distribution used to pay: (1) qualified tuition and related expenses of the taxpayer, spouse, or dependents at an educational institution; (2) educational expenses for occupational retraining; (3) acquisition or construction costs associated with a principal residence for a taxpayer who has never had a present ownership interest in one; or (4) long-term health care expenses of the taxpayer or spouse.

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Timeline

1. 18 May 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 May 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 May 1989

  Open at official source

Sponsors

• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• · ssfi00 · Standing

Related records

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