A bill to amend the Internal Revenue Code of 1954 to permit an individual covered by a private retirement plan to establish a separate individual retirement account or deduct a separate contribution to the plan.

Summary

Amends the Internal Revenue Code to allow an individual income tax deduction for amounts paid in cash by or on behalf of an individual to a qualified retirement plan (currently excluded from such deduction) in which such individual was an active participant for any part of the taxable year. Defines a qualified retirement plan to include: (1) a private tax-exempt pension, profit-sharing, or stock bonus plan; (2) an employee annuity plan; (3) a qualified bond purchase plan; or (4) a specified type of pension plan provided for employees of life insurance companies.

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 7 March 1979

  Open at official source

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