Savings and Retirement Income Incentive Act of 1981

Summary

Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns). Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime. Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child. Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.

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Timeline

1. 23 January 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 23 January 1981

   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 · 23 January 1981

  Open at official source

Sponsors

• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Warner, John [R-VA] · R · Sponsor
• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Sen. Mathias, Charles McC., Jr. [R-MD] · R · Sponsor
• Sen. Tsongas, Paul E. [D-MA] · D · Cosponsor
• Sen. Nunn, Sam [D-GA] · D · Cosponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• Sen. Huddleston, Walter (Dee) [D-KY] · D · Cosponsor
• Sen. Nickles, Don [R-OK] · R · Cosponsor
• Sen. Kasten, Robert W., Jr. [R-WI] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Savings and Retirement Income Incentive Act of 1981
• related to → Savings and Retirement Income Incentive Act of 1981
• related to → Savings and Retirement Income Incentive Act of 1981