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HR 4720 101th Congress House Taxation College costs Educational finance Excise tax Home ownership Income tax Individual retirement accounts Interest Loans Mortgage loans Payroll deductions Student loan funds Tax deductions Tax exclusion Vocational and technical education

National Savings Enhancement Act of 1990

Introduced: May 2, 1990 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 2, 1990
Referred to the House Committee on Ways and Means.
May 2, 1990
Introduced in House
 Plain-English summary Congressional Research Service

National Savings Enhancement Act of 1990 - Amends the Internal Revenue Code to allow a taxpayer to take an advance deduction of contributions to be made to an individual retirement plan. Establishes a penalty tax for: (1) the failure of the taxpayer to make the required contributions; and (2) the failure of the employer to establish a direct deposit program through which the employee may make such contributions.

Limits the deduction on contributions to individual retirement plans to taxpayers whose adjusted gross income does not exceed $50,000 ($85,000 in the case of a joint return).

Disallows a deduction for interest on loans incurred to make contributions to individual retirement plans.

Allows the use of individual retirement plans as security for certain home purchase loans and educational loans.

What's happening now May 2, 1990

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1