A Bill to amend the Internal Revenue Code of 1954 to provide individuals a credit against income tax for certain amounts of savings.

Summary

Amends the Internal Revenue Code to allow a tax credit equal to 50 percent of the excess of the eligible net savings (net savings in excess of certain types of debt) of a taxpayer for the taxable year over a specified percentage of the taxpayer's adjusted gross income. Specifies types of savings accounts which qualify for the credit. Increases taxpayer liability (except for individuals who attain age 65) if the taxpayer's eligible net saving is less than zero for a taxable year. Provides for an inflation adjustment to the taxpayer's adjusted gross income for purposes of determining the allowable amount of credit.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 28 September 1978

  Open at official source

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