HR 1406 102th Congress House Taxation College costs Education Educational finance Health Home ownership Housing and Community Development Housing finance Income tax Indexing (Economic policy) Individual retirement accounts Medical economics Saving and investment Tax deductions Tax exclusion Tax penalties Tax-deferred compensation plans

Savings and Investment Incentive Act of 1991

Introduced: March 12, 1991 See on congress.gov

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

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.

What's happening now March 12, 1991

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1