Consumer Confidence and Financial Flexibility Act of 1991

Summary

Consumer Confidence and Financial Flexibility Act of 1991 - Amends the Internal Revenue Code to allow penalty-free withdrawals from qualified retirement plans beginning on the date of the enactment of this Act and ending on December 31, 1992, to purchase or improve real property or to purchase durable goods. Restricts such withdrawals to individuals whose adjusted gross income for 1991 does not exceed: (1) $100,000 in the case of married individuals filing a joint return; (2) $50,000 in the case of a married individual filing a separate return; and (3) $75,000 in the case of any other taxpayer. Limits the aggregate amount which may be treated as qualified withdrawals with respect to all plans of an individual to $10,000. Requires the inclusion of withdrawn amounts in gross income ratably over a four-year period. Provides for one-year extensions of the following: (1) rules governing the allocation of research and experimental expenditures; (2) the low-income housing credit; (3) the authority to issue mortgage revenue bonds and mortgage credit certificates; and (4) the targeted jobs credit.

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Timeline

1. 19 November 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 November 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 26 November 1991

   Committee

   Committee on Finance. Hearings held. Hearings printed: S.Hrg. 102-608.

   Source: Committee

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 November 1991

  Open at official source

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Sponsors

• Sen. Specter, Arlen [R-PA] · R · Sponsor
• Sen. Domenici, Pete V. [R-NM] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Cosponsor
• · ssfi00 · Standing

Related records

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