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HR 1406 102th Congress House

Savings and Investment Incentive Act of 1991

Official title: To amend the Internal Revenue Code of 1986 to encourage savings and investment through individual retirement accounts, and for other purposes.

Introduced: March 12, 1991 See on congress.gov
Taxation College costsEducationEducational financeHealth
More subjectsShow fewer subjects
Home ownershipHousing and Community DevelopmentHousing financeIncome taxIndexing (Economic policy)Individual retirement accountsMedical economicsSaving and investmentTax deductionsTax exclusionTax penaltiesTax-deferred compensation plans
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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
Mar 12, 1991
Referred to the House Committee on Ways and Means.
Mar 12, 1991
Introduced in House
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 Latest action March 12, 1991

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

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 devastating medical expenses.

 Related & companion bills 2
  • HR 1731 Identical bill Savings and Investment Incentive Act of 1991
  • S 612 Identical bill Savings and Investment Incentive Act of 1991
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 8
All 8 Democratic 6 Republican 2
D
Wyden, Ron
Oregon · Feb 14, 1992
 D
Kaptur, Marcy
Ohio · Oct 9, 1991
 R
Rogers, Harold
Kentucky · Jun 11, 1991
 D
Norton, Eleanor Holmes
District of Columbia · Jun 4, 1991
 D
Pallone, Frank
New Jersey · May 16, 1991
 D
Schumer, Charles E.
New York · May 2, 1991
 R
Smith, Christopher H.
New Jersey · Apr 11, 1991
 D
Durbin, Richard J.
Illinois · Mar 22, 1991
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1406: Savings and Investment Incentive Act of 1991. 102nd Congress. Open America. https://openamerica.io/bill/102-HR-1406/
MLA
"H.R. 1406: Savings and Investment Incentive Act of 1991." 102nd Congress, 2026, Open America, https://openamerica.io/bill/102-HR-1406/.
Bluebook (legal)
H.R. 1406, 102nd Cong. (2026), https://openamerica.io/bill/102-HR-1406/.
Markdown link
[H.R. 1406: Savings and Investment Incentive Act of 1991](https://openamerica.io/bill/102-HR-1406/)
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