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Middle Class Flexible Savings Act of 1993

Introduced: February 4, 1993 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
Feb 4, 1993
Referred to the House Committee on Ways and Means.
Feb 4, 1993
Sponsor introductory remarks on measure. (CR E305)
Feb 4, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Middle Class Flexible Savings Act of 1993 - Amends the Internal Revenue Code to increase the retirement savings deduction and the maximum individual retirement account contribution from $2,000 to $3,000. Raises income phase-out limits. Provides an inflation adjustment for such amounts.

Allows higher retirement savings deductions for nonworking spouses in households with one or more children under the age of six.

Allows penalty-free distributions from certain retirement plans for: (1) qualified higher education expenses of the taxpayer, spouse, or child; (2) business start-up expenditures; and (3) medical expenses. Limits such distributions to individuals whose adjusted gross income does not exceed: $60,000 in the case of an unmarried individual, $70,000 in the case of a joint return, and $35,000 in the case of married individuals filing separately.

What's happening now February 4, 1993

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2