A bill to amend the Internal Revenue Code of 1986 to repeal the restrictions on retirement savings deductions added by the Tax Reform Act of 1986, and to allow up to a $2,000 deduction for retirement savings for a nonworking spouse.

Summary

Repeals the limitations enacted by the Tax Reform Act of 1986 on individual retirement account (IRA) deductions for active participants in certain pension plans. Amends the Internal Revenue Code to permit a nonworking or the lesser-earning spouse filing a joint income tax return to include the spouse's compensation in calculations made to determine the maximum amount permitted as a deduction for qualified retirement contributions (thus permitting such a taxpayer to deduct up to $2,000).

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Timeline

1. 28 April 1988

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 28 April 1988

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 28 April 1988

  Open at official source

Sponsors

• Sen. Hecht, Chic [R-NV] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1986 to restore the deduction for retirement savings for individuals who are active participants in pension plans and to allow a deduction of up to $2,000 for retirement savings by a nonworking spouse.
• related to → A bill to amend the Internal Revenue Code of 1986 to repeal the restrictions on retirement savings deductions added by the Tax Reform Act of 1986 and to allow up to a $2,000 deduction for retirement savings for a nonworking spouse.