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Savings and Investment Incentive Act of 1997

Introduced: January 9, 1997 See on congress.gov
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) 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
Jan 9, 1997
Referred to the House Committee on Ways and Means.
Jan 9, 1997
Introduced in House
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 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 11
All 11 Democratic 6 Republican 5
D
Clyburn, James E.
South Carolina · Jul 16, 1997
 D
DeGette, Diana
Colorado · Mar 20, 1997
 R
Wicker, Roger F.
Mississippi · Mar 18, 1997
 R
Crapo, Mike
Idaho · Mar 4, 1997
 D
Norton, Eleanor Holmes
District of Columbia · Feb 25, 1997
 R
Calvert, Ken
California · Feb 13, 1997
 D
Smith, Adam
Washington · Feb 13, 1997
 R
Moran, Jerry
Kansas · Feb 12, 1997
 R
Graham, Lindsey
South Carolina · Jan 9, 1997
 D
McGovern, James P.
Massachusetts · Jan 9, 1997
 D
Neal, Richard E.
Massachusetts · Jan 9, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 446: Savings and Investment Incentive Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-446/
MLA
"H.R. 446: Savings and Investment Incentive Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-446/.
Bluebook (legal)
H.R. 446, 105th Cong. (2026), https://openamerica.io/bill/105-HR-446/.
Markdown link
[H.R. 446: Savings and Investment Incentive Act of 1997](https://openamerica.io/bill/105-HR-446/)
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