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To amend the Internal Revenue Code of 1986 to increase the maximum amount of contributions to individual retirement accounts and the amounts of adjusted gross income at which the IRA deduction phases…

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To amend the Internal Revenue Code of 1986 to increase the maximum amount of contributions to individual retirement accounts and the amounts of adjusted gross income at which the IRA deduction phases out for active participants in pension plans, and to allow penalty-free distributions from individual retirement accounts and 401(k) plans for certain purposes.

Introduced: February 27, 1997 See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 4, 1998

Sponsor introductory remarks on measure. (CR H759)

Nov 8, 1997

Sponsor introductory remarks on measure. (CR H10351)

Feb 27, 1997

Referred to the House Committee on Ways and Means.

Feb 27, 1997

Introduced in House

Feb 25, 1997

Sponsor introductory remarks on measure. (CR H592)

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Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to increase the: (1) maximum deduction for individual retirement account contributions; and (2) income amount at which phase-out of that deduction begins.

Exempts from the early distribution penalty: (1) distributions from certain types of retirement plans for first-time home buyer, education, or adoption expenses; and (2) for unemployed individuals (currently, for unemployed individuals for health insurance premiums). Modifies requirements regarding penalties for medical care early distributions.

What's happening now March 4, 1998

Sponsor introductory remarks on measure. (CR H759)

Bill text 1 version

Introduced in House Formatted Text PDF

Source documents hosted by congress.gov.

Committees of jurisdiction 1

Ways and Means Committee
House of Representatives

Cosponsors 1

Smith, Christopher H.

New Jersey · Feb 27, 1997

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APA

U.S. Congress. (2026). H.R. 891: To amend the Internal Revenue Code of 1986 to increase the maximum amount of contributions to individual retirement accounts and the amounts of adjusted gross income at which the IRA deduction phases out for active participants in pension plans, and to allow penalty-free distributions from individual retirement accounts and 401(k) plans for certain purposes.. 105th Congress. Open America. https://openamerica.io/bill/105-HR-891/

MLA

"H.R. 891: To amend the Internal Revenue Code of 1986 to increase the maximum amount of contributions to individual retirement accounts and the amounts of adjusted gross income at which the IRA deduction phases out for active participants in pension plans, and to allow penalty-free distributions from individual retirement accounts and 401(k) plans for certain purposes.." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-891/.

Bluebook (legal)

H.R. 891, 105th Cong. (2026), https://openamerica.io/bill/105-HR-891/.

Markdown link

[H.R. 891: To amend the Internal Revenue Code of 1986 to increase the maximum amount of contributions to individual retirement accounts and the amounts of adjusted gross income at which the IRA deduction phases out for active participants in pension plans, and to allow penalty-free distributions from individual retirement accounts and 401(k) plans for certain purposes.](https://openamerica.io/bill/105-HR-891/)