Savings and Investment Incentive Act of 1991

Summary

Savings and Investment Incentive Act of 1991 - Title I: Retirement Savings Incentives - Amends the Internal Revenue Code to remove the limitations on deductions for individual retirement plans and provides a cost of living adjustment for deductible amounts. Establishes special individual retirement accounts that are nondeductible. Makes such accounts nontaxable if earnings on contributions are held for at least five years. Applies the early withdrawal penalty to distributions made before the end of the five year-period. Title II: Penalty-Free Distributions - Provides exemptions from the ten-percent penalty on early withdrawals from individual retirement plans for: (1) first home purchases; (2) higher education expenses; and (2) financially devasting medical expenses.

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

Timeline

1. 12 March 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 12 March 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 16 May 1991

   Committee

   Committee on Finance. Hearings held.

   Source: Committee

4. 31 July 1991

   Committee

   Committee on Finance. Hearings concluded. Hearings printed: S.Hrg. 102-200.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 March 1991

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Ford, Wendell H. [D-KY] · D · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Sponsor
• Sen. Robb, Charles S. [D-VA] · D · Sponsor
• Rep. Cochran, Thad [R-MS-4] · R · Sponsor
• Rep. Kasten, Robert W., Jr. [R-WI-9] · R · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Rep. Lott, Trent [R-MS-5] · R · Sponsor
• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Rep. Symms, Steven D. [R-ID-1] · R · Sponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Chuck Grassley · R · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Rep. Breaux, John B. [D-LA-7] · D · Sponsor
• Rep. Adams, Brock [D-WA-7] · D · Sponsor
• Rep. Akaka, Daniel K. [D-HI-2] · D · Sponsor
• Sen. Bingaman, Jeff [D-NM] · D · Sponsor
• Sen. Bond, Christopher S. [R-MO] · R · Sponsor
• Rep. Brown, Hank [R-CO-4] · R · Sponsor
• Sen. Bryan, Richard H. [D-NV] · D · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Sponsor
• Rep. Cohen, William S. [R-ME-2] · R · Sponsor
• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Rep. Craig, Larry E. [R-ID-1] · R · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. DeConcini, Dennis [D-AZ] · D · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• Rep. Dodd, Christopher J. [D-CT-2] · D · Sponsor
• Sen. Domenici, Pete V. [R-NM] · R · Sponsor
• Sen. Exon, J. James [D-NE] · D · Sponsor
• Sen. Fowler, Wyche, Jr. [D-GA] · D · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Glenn, John H., Jr. [D-OH] · D · Sponsor
• Sen. Gore, Albert, Jr. [D-TN] · D · Sponsor
• Sen. Graham, Bob [D-FL] · D · Sponsor
• Rep. Harkin, Tom [D-IA-5] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Hatfield, Mark O. [R-OR] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Hollings, Ernest F. [D-SC] · D · Sponsor

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Related records

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