GrowAmerica Act

Summary

Greater Recovery Opportunity for Workers Act of 1991 (GrowAmerica Act) - Title I: Reduction in Individual Income Taxes - Amends the Internal Revenue Code to provide for reducing individual income tax rates for 1992 and 1993. Title II: Savings Incentives - Subtitle A: Private Retirement Savings - Establishes a simplified retirement plan for small business to be known as PRIME accounts (private retirement incentives matched by employers). Allows an employee to make pre-tax contributions of up to $3,000 annually to a PRIME account and requires an employer to match such contributions up to three percent of the employee's compensation. Declares that such accounts are not to be treated as pension plans. Excludes such accounts from limitation on the maximum amount allowed for retirement savings deductions. Specifies the pension plan rules that are applicable to PRIME accounts. Establishes a 25-percent penalty on withdrawals made from such accounts during the first three years. Sets forth penalties for: (1) account trustees for failure to provide requirement information to employers; and (2) employers for failure to make required notifications to employees. Subtitle B: Savings Without Penalties - Authorizes penalty-free distributions from eligible retirement plans for: (1) first-time homebuyers; (2) higher education expenses; (3) a period of involuntary unemployment; and (4) financially devastating medical expenses. Title III: Additional Economic Growth Incentives - Increases the limitation on the amount of depreciable assets which may be expensed. Provides for the treatment of rental and nonrental real estate activities under the limitations on losses from passive activities.

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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 · 27 November 1991

  Open at official source

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