HR 3042
104th Congress
House
Taxation
Annuities
Finance and Financial Sector
Income
Income tax
Investments
Labor and Employment
Retirement income
Saving and investment
Tax exclusion
Tax-Free Savings and Investment Income Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 7, 1996
Referred to the House Committee on Ways and Means.
Mar 7, 1996
Introduced in House
Plain-English summary
Tax-Free Savings and Investment Income Act - Amends the Internal Revenue Code to exclude from gross income up to $5,000 ($10,000 in the case of a joint return) of unearned income. Defines unearned income to mean income other than income from: (1) wages, salaries, tips, and other employee compensation; and (2) earned income from self-employment. Includes pension and annuity income in such definition. Makes ineligible for the exclusion: (1) certain nonresident aliens; and (2) estates and trusts.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1