HR 891
105th Congress
House
Taxation
Adoption
College costs
Cost of living adjustments
Costs
Economics and Public Finance
Education
Educational finance
Families
Finance and Financial Sector
Grandparents
Health
Health insurance
Higher education
Home ownership
Housing and Community Development
Housing finance
Income
Income tax
Indexing (Economic policy)
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)
Plain-English summary
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
Sponsor introductory remarks on measure. (CR H759)
Committees of jurisdiction
1
Cosponsors
1