Tax Fairness and Savings Incentive Act of 1991

Summary

Tax Fairness and Savings Incentive Act of 1991 - Title I: Tax Credit for Children - Amends the Internal Revenue Code to allow a tax credit of $300 per qualifying child. Title II: Retirement Savings Incentives - Subtitle A: Retirement Savings Incentives - Removes the limitations on deductions for individual retirement accounts (IRAs) and provides a cost of living adjustment for deductible amounts. Establishes special individual retirement accounts that are nondeductible. Makes such accounts nontaxable if earnings on contributions are held for at least five years. Applies the early withdrawal penalty to distributions made before the end of the five year-period. Subtitle B: Penalty-Free Distributions - Provides exemptions from the ten-percent penalty on early withdrawals from individual retirement plans for: (1) first home purchases; (2) higher education expenses; and (2) financially devastating medical expenses. Requires contributions to be held in certain IRAs (other than special IRAs) for at least five years prior to distributions. Title III: Reduction in Defense Spending - Sets forth limits on budget outlays and authority for defense spending for FY 1993 through 1997. Amends the Congressional Budget Act of 1974 to prohibit the Congress from exceeding such limits. Provides for reducing maximum deficit amounts. Prohibits sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 November 1991

  Open at official source

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