HR 4215
103th Congress
House
Taxation
Collection of accounts
College costs
Cost of living adjustments
Economics and Public Finance
Education
Educational finance
Families
Higher education
Home ownership
Housing and Community Development
Housing finance
Income tax
Indexing (Economic policy)
Individual retirement accounts
Interest
Interest rates
Labor and Employment
Married people
Tax deductions
To amend the Internal Revenue Code of 1986 to increase the deduction for retirement savings, to permit nonemployed spouses a full IRA deduction, and for other purposes.
Introduced: April 14, 1994
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 14, 1994
Referred to the House Committee on Ways and Means.
Apr 14, 1994
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to increase the retirement savings deduction and the maximum individual retirement account contribution from $2,000 to $2,500. Raises income phase-out limits. Allows such a deduction for nonemployed spouses. Provides an inflation adjustment for retirement savings deductions.
Excludes from gross income qualified distributions from certain retirement plans for first-time homebuyers and higher education expenses of the taxpayer, spouse, or child. Requires the repayment of such amounts with interest.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1