A bill to amend the Internal Revenue Code of 1954 to allow a retirement savings deduction for persons covered by certain pension plans.

Summary

Amends the Internal Revenue Code to allow an income tax deduction for cash contributions made by an eligible employee to certain retirement savings and pension plans. Limits the amount of such deduction to the lesser of 15 percent of the employee's gross compensation or $1,000. Defines "eligible employee" as an employee who is an active participant for any part of the taxable year in: (1) a tax-exempt pension or profit-sharing plan; (2) an annuity plan; (3) a qualified bond purchase plan; or (4) a group retirement trust maintained by a labor organization.

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Timeline

1. 5 January 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 5 January 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 January 1981

  Open at official source

Sponsors

• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Rep. Cochran, Thad [R-MS-4] · R · Sponsor
• Rep. Symms, Steven D. [R-ID-1] · R · Cosponsor
• Sen. Mathias, Charles McC., Jr. [R-MD] · R · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• · ssfi00 · Standing

Related records

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