Savings and Investment Incentive Act of 1995

Summary

TABLE OF CONTENTS: Title I: Retirement Savings Incentives Subtitle A: IRA Deduction Subtitle B: Nondeductible Tax-Free IRA's Title II: Penalty-Free Distributions Savings and Investment Incentive Act of 1995 - Title I: Retirement Savings Incentives - Subtitle A: IRA Deduction - Amends the Internal Revenue Code to double the Individual Retirement Account (IRA) applicable dollar amount. Provides for cost-of-living adjustments beginning after 1996. Subtitle B: Nondeductible Tax-Free IRA's - Directs that a special individual retirement account be treated in the same manner as an individual retirement plan. Prohibits a deduction for a contribution to a special individual retirement account. Imposes a contribution limit. Prohibits a rollover contribution to such account unless it is a qualified transfer. Exempts from the contribution limit a qualified transfer to the account. Excludes distributions from a special individual retirement account from being included in the gross income of the distributee, with the exception of contributions held for less than five years which, in addition to being included in gross income, shall be subject to an early withdrawal penalty. Title II: Penalty-Free Distributions - Exempts distributions from the early withdrawal penalty if used for: (1) a first home purchase; (2) qualified higher educational expenses; or (3) qualified medical expenses.

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Timeline

1. 11 October 1995

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 11 October 1995

   Introduced

   Sponsor introductory remarks on measure. (CR S15035-15036)

   Source: IntroReferral

3. 11 October 1995

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 11 October 1995 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 11 October 1995

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 11 October 1995

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 11 October 1995

  Open at official source

Sponsors

• Sen. Kerry, John F. [D-MA] · D · Sponsor
• · ssfi00 · Standing

Related records

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