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HR 1040 104th Congress House

Family Reinvestment Act of 1995

Official title: 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: February 24, 1995 See on congress.gov
Taxation Collection of accountsCollege costsCost of living adjustmentsEconomics and Public Finance
More subjectsShow fewer subjects
EducationEducational financeFamiliesFinance and Financial SectorHigher educationHome ownershipHousing and Community DevelopmentHousing financeIncome taxIndexing (Economic policy)Individual retirement accountsInterestInterest ratesLabor and EmploymentMarried people
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This bill died when the 104th Congress ended
It never became law before the 104th Congress (1995–1996) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 24, 1995
Referred to the House Committee on Ways and Means.
Feb 24, 1995
Introduced in House
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 Latest action February 24, 1995

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Family Reinvestment Act of 1995 - 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2
R
Calvert, Ken
California · Feb 24, 1995
 R
Wicker, Roger F.
Mississippi · Feb 24, 1995
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1040: Family Reinvestment Act of 1995. 104th Congress. Open America. https://openamerica.io/bill/104-HR-1040/
MLA
"H.R. 1040: Family Reinvestment Act of 1995." 104th Congress, 2026, Open America, https://openamerica.io/bill/104-HR-1040/.
Bluebook (legal)
H.R. 1040, 104th Cong. (2026), https://openamerica.io/bill/104-HR-1040/.
Markdown link
[H.R. 1040: Family Reinvestment Act of 1995](https://openamerica.io/bill/104-HR-1040/)
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