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Savings and Investment Incentive Act of 1994

Introduced: August 20, 1994 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 21, 1994
Sponsor introductory remarks on measure. (CR H8943)
Aug 20, 1994
Referred to the House Committee on Ways and Means.
Aug 20, 1994
Introduced in House
 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Retirement Savings Incentives

Subtitle A: Restoration of IRA Deduction

Subtitle B: Nondeductible Tax-Free IRAs

Title II: Penalty-Free Distributions

Title III: Aid to Families with Dependent Children

Savings and Investment Incentive Act of 1994 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code to remove the limitation on the deductibility of contributions to individual retirement plans (IRAs) by active participants in employer-maintained plans, thereby restoring the IRA deduction. Provides an inflation adjustment after 1995.

Allows certain spouses a full deduction for contributions to an IRA.

Subtitle B: Nondeductible Tax-Free IRAs - Allows individuals to establish individual retirement plus (IRA Plus) accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible.

Title II: Penalty-Free Distributions - Allows distributions from certain retirement plans without penalty to purchase first homes, pay higher education expenses and financially devastating medical expenses, and assist certain unemployed individuals.

Title III: Aid to Families with Dependent Children - Amends part A (Aid to Families with Dependent Children) (AFDC) of title IV of the Social Security Act to exclude from AFDC eligibility determinations certain income and resources that are to be used for education, training, and employability purposes.

Requires the Secretary of Health and Human Services to report to the Congress on a revision of the AFDC limit on automobiles in order to increase the employability of AFDC recipients.

What's happening now August 21, 1994

Sponsor introductory remarks on measure. (CR H8943)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 1 Republican 2