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Savings and Investment Incentive Act of 1997

Introduced: January 9, 1997 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 9, 1997

Referred to the House Committee on Ways and Means.

Jan 9, 1997

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

Savings and Investment Incentive Act of 1997 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code, with respect to the deduction for individual retirement accounts (IRAs), to increase the income limits applicable to active participants. Removes limitations on a spouse's participation.

(Sec. 102) Provides an inflation adjustment for the deductible amount.

(Sec. 103) Revises provisions concerning the allowance of certain coins and bullion as IRA investments.

Subtitle B: Nondeductible Tax-Free IRAs - Permits individuals to establish IRA Plus accounts which shall be treated similarly to an IRA plan. Prohibits deductions for contributions to such accounts. Sets forth distribution rules (including the exclusion of qualified distributions from gross income).

Title II: Penalty-Free Distributions - Permits distributions without penalty for qualified: (1) first home purchases; (2) higher education expenses; and (3) unemployed individuals.

What's happening now January 9, 1997

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1