Skip to main content
HR 1074 102th Congress House

Individual Retirement Options Improvement Act of 1991

Official title: To amend the Internal Revenue Code of 1986 to encourage savings by increasing the amount of deductible contributions which may be made to an individual retirem… Show full official titleShow less

Official title: To amend the Internal Revenue Code of 1986 to encourage savings by increasing the amount of deductible contributions which may be made to an individual retirement account and to allow distributions from individual retirement accounts to be used without penalty to purchase a first home, to pay for higher education expenses, or to pay for certain medical costs of a catastrophic illness.

Introduced: April 23, 1991 Introduced by: Neal, Richard E. Democratic · Massachusetts See on congress.gov
Taxation Educational financeHealthHigher educationHome ownership
More subjectsShow fewer subjects
Housing financeIncome taxIndividual retirement accountsMedical economicsTax deductions
Sign in to write a letter Sign in to watch
This bill died when the 102nd Congress ended
It never became law before the 102nd Congress (1991–1992) 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
Feb 21, 1991
Referred to the House Committee on Ways and Means.
Feb 21, 1991
Introduced in House
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action February 21, 1991

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Individual Retirement Options Improvement Act of 1991 - Amends the Internal Revenue Code to exempt from the ten percent penalty tax on early distributions from qualified retirement plans: (1) first-time homebuyer distributions; (2) qualified higher education expenses; and (3) qualified catastrophic illness expenses.

Allows an additional deduction for 50 percent of the contributions made to individual retirement plans.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 2
FROST, MARTIN
· Aug 1, 1991
 D
Kaptur, Marcy
Ohio · Apr 23, 1991
Faleomavaega, Eni
· Mar 18, 1991
LIPINSKI, WILLIAM
· Mar 7, 1991
 D
Reed, Jack
Rhode Island · Mar 7, 1991
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1074: Individual Retirement Options Improvement Act of 1991. 102nd Congress. Open America. https://openamerica.io/bill/102-HR-1074/
MLA
"H.R. 1074: Individual Retirement Options Improvement Act of 1991." 102nd Congress, 2026, Open America, https://openamerica.io/bill/102-HR-1074/.
Bluebook (legal)
H.R. 1074, 102nd Cong. (2026), https://openamerica.io/bill/102-HR-1074/.
Markdown link
[H.R. 1074: Individual Retirement Options Improvement Act of 1991](https://openamerica.io/bill/102-HR-1074/)
Report a problem