Savers and Investors Act of 1987

Summary

Savers and Investors Act of 1987 - Amends the Internal Revenue Code to exempt any tax deferred account (defined in this Act) from taxation, except for taxes imposed on the unrelated business income of certain tax-exempt organizations. Requires such an account to be in the form of a trust created for the exclusive benefit of an individual or beneficiary. Enumerates other qualifying criteria and limitations governing the accounts. Taxes account distributions as ordinary income, but permits a tax-free rollover from one account to another. Lists special rules in connection with an account's loss of tax-exempt status. Requires the account trustee to report account data to the Secretary of the Treasury and to the investor.

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Timeline

1. 16 June 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 16 June 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 16 June 1987

  Open at official source

Sponsors

• Rep. Breaux, John B. [D-LA-7] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → Savers and Investors Act of 1987
• related to → Savers and Investors Act of 1988
• related to ← Savers and Investors Act of 1988