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S 1256 101th Congress Senate Taxation Educational finance Health Higher education Housing finance Income tax Individual retirement accounts Medical economics Poor Tax credits

1989 Save America Tax Act

Introduced: June 23, 1989 See on congress.gov
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This bill died when the 101st Congress ended
It never became law before the 101st Congress (1989–1990) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 23, 1989
Read twice and referred to the Committee on Finance.
Jun 23, 1989
Introduced in Senate
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 Plain-English summary Congressional Research Service

1989 Save America Tax Act - Amends the Internal Revenue Code to allow individuals to establish flexible individual retirement accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible. Limits contributions to $2,000 for taxable years before 1995 and $3,000 for taxable years thereafter.

Provides that qualified distributions from such accounts, other than for general retirement purposes, include special purpose distributions made for the purchase of a first home and for medical or educational purposes. Prohibits special purpose distributions from being made during the first five years of the account.

Allows a tax credit for low-income persons of 25 percent of the amount paid into a flexible individual retirement account for each taxable year.

Increases the amount a spouse with no compensation may contribute to retirement savings.

What's happening now June 23, 1989

Read twice and referred to the Committee on Finance.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · Sep 28, 1989
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1256: 1989 Save America Tax Act. 101st Congress. Open America. https://openamerica.io/bill/101-S-1256/
MLA
"S. 1256: 1989 Save America Tax Act." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-S-1256/.
Bluebook (legal)
S. 1256, 101st Cong. (2026), https://openamerica.io/bill/101-S-1256/.
Markdown link
[S. 1256: 1989 Save America Tax Act](https://openamerica.io/bill/101-S-1256/)
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