A bill to amend the Internal Revenue Code of 1954 to allow a retirement savings deduction for persons covered by certain pension plans.

Summary

Amends the Internal Revenue Code to allow a deduction from the gross income of an employee who is a participant in a pension plan for cash contributions made by the employee to: (1) a qualified pension, profit sharing, or stock bonus plan; (2) a qualified annuity plan; (3) a qualified bond purchase plan; (4) an individual retirement plan; or (5) a group retirement trust maintained by a labor organization. Limits such deduction to ten percent of the employee's compensation for the taxable year or $1,000, whichever is less.

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

Timeline

No timeline events have been ingested for this record yet.

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 · 13 July 1978

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.