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S 612 102th Congress Senate 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
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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 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 1991
Committee on Finance. Hearings concluded. Hearings printed: S.Hrg. 102-200.
May 16, 1991
Committee on Finance. Hearings held.
Mar 12, 1991
Read twice and referred to the Committee on Finance.
Mar 12, 1991
Introduced in Senate
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 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 devasting medical expenses.

What's happening now July 31, 1991

Committee on Finance. Hearings concluded. Hearings printed: S.Hrg. 102-200.

 Related & companion bills 2
  • HR 1406 Identical bill Savings and Investment Incentive Act of 1991
  • HR 1731 Identical bill Savings and Investment Incentive Act of 1991
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · Mar 12, 1991
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APA
U.S. Congress. (2026). S. 612: Savings and Investment Incentive Act of 1991. 102nd Congress. Open America. https://openamerica.io/bill/102-S-612/
MLA
"S. 612: Savings and Investment Incentive Act of 1991." 102nd Congress, 2026, Open America, https://openamerica.io/bill/102-S-612/.
Bluebook (legal)
S. 612, 102nd Cong. (2026), https://openamerica.io/bill/102-S-612/.
Markdown link
[S. 612: Savings and Investment Incentive Act of 1991](https://openamerica.io/bill/102-S-612/)
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