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United States · Bill · S

S. 2301 (103rd)

Savings and Investment Incentive Act of 1994

referredUnited States· United States Congress· EN

Introduced

21 July 1994

Last action

21 July 1994 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Roth Jr., William V. [R-DE], Sen. Breaux, John B. [D-LA], Sen. Ford, Wendell H. [D-KY], Sen. Dole, Robert J. [R-KS], Sen. Simpson, Alan K. [R-WY], Sen. Boren, David L. [D-OK], Sen. Riegle, Donald W., Jr. [D-MI], Sen. Grassley, Chuck [R-IA], Sen. Wallop, Malcolm [R-WY], Sen. Hatch, Orrin G. [R-UT], Sen. Lautenberg, Frank R. [D-NJ], Sen. Coats, Daniel [R-IN], Sen. Shelby, Richard C. [R-AL], Sen. Warner, John [R-VA], Sen. Smith, Bob [R-NH], Sen. Johnston, J. Bennett [D-LA], Sen. Mikulski, Barbara A. [D-MD], Sen. Bond, Christopher S. [R-MO], Sen. Craig, Larry E. [R-ID], Sen. Helms, Jesse [R-NC], Sen. Pressler, Larry [R-SD], Sen. Stevens, Ted [R-AK], Sen. Faircloth, Lauch [R-NC], Sen. Brown, Hank [R-CO], Sen. Cochran, Thad [R-MS], Sen. Lott, Trent [R-MS], Sen. Thurmond, Strom [R-SC], Sen. Bennett, Robert F. [R-UT], Sen. Gregg, Judd [R-NH], Sen. Hutchison, Kay Bailey [R-TX], Sen. Inouye, Daniel K. [D-HI], Sen. Hatfield, Mark O. [R-OR], Sen. Feinstein, Dianne [D-CA], Sen. Burns, Conrad R. [R-MT], Sen. D'Amato, Alfonse [R-NY], Sen. Mack, Connie, III [R-FL], Sen. Hollings, Ernest F. [D-SC], Sen. Nickles, Don [R-OK], Sen. Specter, Arlen [R-PA], Sen. Exon, J. James [D-NE], Sen. Simon, Paul [D-IL], Sen. Dodd, Christopher J. [D-CT], Sen. Murkowski, Frank H. [R-AK], Sen. DeConcini, Dennis [D-AZ], Sen. Lieberman, Joseph I. [ID-CT], Sen. Bryan, Richard H. [D-NV], Sen. Robb, Charles S. [D-VA], Sen. Moseley-Braun, Carol [D-IL]

Subjects

Housing, Taxation, Education

Source updated

26 August 2025

Housing · Taxation · Education

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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 Title III: Aid to Families With Dependent Children Savings and Investment Incentive Act of 1994 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code to remove the limitation on the deductibility of contributions to individual retirement plans (IRAs) by active participants in employer-maintained plans, thereby restoring the IRA deduction. Provides an inflation adjustment after 1995. Allows certain spouses a full deduction for contributions to an IRA. Makes certain coins and bullion ineligible as collectible investments for purposes of distributions from an IRA. Subtitle B: Nondeductible Tax-Free IRAs - Allows individuals to establish individual retirement plus (IRA plus) accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible. Title II: Penalty-Free Distributions - Allows distributions from certain retirement plans without penalty to purchase first homes, pay higher education expenses and financially devastating medical expenses, and assist certain unemployed individuals. Title III: Aid to Families with Dependent Children - Amends part A (Aid to Families with Dependent Children) (AFDC) of title IV of the Social Security Act to exclude from AFDC eligibility determinations certain income and resources that are to be used for education, training, and employability purposes. Requires the Secretary of Health and Human Services to report to the Congress on a revision of the AFDC limit on automobiles in order to increase the employability of AFDC recipients.

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

Timeline

  1. 21 July 1994

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 21 July 1994

    Introduced

    Sponsor introductory remarks on measure. (CR S9446-9447)

    Source: IntroReferral

  3. 21 July 1994

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 21 July 1994

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 21 July 1994

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  • Introduced in Senate

    summary · EN · 21 July 1994

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Sponsors

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Related records

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Sources

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