PoliticalRepoPoliticalRepo

United States · Bill · S

S. 197 (105th)

Savings and Investment Incentive Act of 1997

openUnited States· United States Congress· EN

Introduced

22 January 1997

Last action

6 March 1997 · Committee

Status

Committee on Finance. Hearings held.

Sponsors

Sen. Roth Jr., William V. [R-DE], Rep. Lott, Trent [R-MS-5], Rep. Breaux, John B. [D-LA-7], Chuck Grassley, Sen. Nickles, Don [R-OK], Sen. Murkowski, Frank H. [R-AK], Sen. Abraham, Spencer [R-MI], Rep. Kyl, Jon [R-AZ-4], Sen. Helms, Jesse [R-NC], Sen. D'Amato, Alfonse [R-NY], Rep. Craig, Larry E. [R-ID-1], Sen. Hutchison, Kay Bailey [R-TX], Mitch McConnell, Rep. Thomas, Craig [R-WY-At Large], Sen. Smith, Gordon H. [R-OR], Rep. DeWine, Mike [R-OH-7], Rep. Inhofe, James M. [R-OK-1], Sen. Bryan, Richard H. [D-NV], Rep. Roberts, Pat [R-KS-1], Sen. Mikulski, Barbara A. [D-MD], Rep. Smith, Bob [R-NH-1], Sen. Hatch, Orrin G. [R-UT], Sen. Bennett, Robert F. [R-UT], Sen. Kempthorne, Dirk [R-ID], Sen. Inouye, Daniel K. [D-HI], Sen. Enzi, Michael B. [R-WY], Sen. Ford, Wendell H. [D-KY], Sen. Burns, Conrad R. [R-MT], Sen. Lieberman, Joseph I. [D-CT], Sen. Hagel, Chuck [R-NE], Sen. Gramm, Phil [R-TX], Rep. Dodd, Christopher J. [D-CT-2], Susan Collins, Rep. Gregg, Judd [R-NH-2], Sen. Grams, Rod [R-MN], Sen. Bond, Christopher S. [R-MO], Sen. Kohl, Herb [D-WI], Sen. Landrieu, Mary L. [D-LA], Sen. Feinstein, Dianne [D-CA], Sen. Allard, Wayne [R-CO], Sen. Mack, Connie, III [R-FL], Sen. Ashcroft, John [R-MO], Rep. Cochran, Thad [R-MS-4], Sen. Thompson, Fred [R-TN], Sen. Reid, Harry [D-NV], Rep. Campbell, Ben Nighthorse [D-CO-3], Sen. Warner, John [R-VA], Sen. Shelby, Richard C. [D-AL]

Subjects

Taxation, Education

Source updated

21 August 2025

Taxation · Education

Official sourceDownload fileView documentsShare

Summary

TABLE OF CONTENTS: Title I: Retirement Savings Incentives Subtitle A: Restoration of IRA Deduction Subtitle B: Nondeductible Tax-Free IRAs Title II: Penalty-Free Distributions Savings and Investment Incentive Act of 1997 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code, with respect to the Individual Retirement Deduction (IRA), to increase the income limits applicable to active participants. Removes limitations on a spouse's participation. (Sec. 102) Provides an inflation adjustment for the deductible amount. (Sec. 103) Revises provisions concerning the allowance of certain coins and bullion as IRA investments. Subtitle B: Nondeductible Tax-Free IRAs - Permits individuals to establish IRA Plus accounts which shall be treated similarly to an IRA plan. Prohibits deductions for contributions to such accounts. Sets forth distribution rules (including excluding qualified distributions from gross income). Title II: Penalty-Free Distributions - Permits distributions without penalty for qualified: (1) first home purchases; (2) higher education expenses; (3) unemployed individuals; and (4) medical expenses of specified relatives.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 22 January 1997

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 22 January 1997

    Introduced

    Sponsor introductory remarks on measure. (CR S650-651)

    Source: IntroReferral

  3. 22 January 1997

    Introduced

    Introduced in Senate

    Source: IntroReferral

  4. 6 March 1997

    Committee

    Committee on Finance. Hearings held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Sponsors

Showing 48 of 53 sponsors and actors.

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.