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S 197 105th Congress Senate

Savings and Investment Incentive Act of 1997

Official title: A bill to amend the Internal Revenue Code of 1986 to encourage savings and investment through individual retirement accounts, and for other purposes.

Introduced: January 22, 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 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 1997
Committee on Finance. Hearings held.
Jan 22, 1997
Read twice and referred to the Committee on Finance.
Jan 22, 1997
Sponsor introductory remarks on measure. (CR S650-651)
Jan 22, 1997
Introduced in Senate
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 Latest action March 6, 1997

Committee on Finance. Hearings held.

 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 Individual Retirement Deduction (IRA), 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 excluding qualified distributions from gross income).

Title II: Penalty-Free Distributions - Permits distributions without penalty for qualified: (1) first home purchases; (2) higher education expenses; (3) unemployed individuals; and (4) medical expenses of specified relatives.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3
R
Collins, Susan M.
Maine · Jan 22, 1997
 R
Grassley, Chuck
Iowa · Jan 22, 1997
 R
McConnell, Mitch
Kentucky · Jan 22, 1997
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APA
U.S. Congress. (2026). S. 197: Savings and Investment Incentive Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-S-197/
MLA
"S. 197: Savings and Investment Incentive Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-S-197/.
Bluebook (legal)
S. 197, 105th Cong. (2026), https://openamerica.io/bill/105-S-197/.
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[S. 197: Savings and Investment Incentive Act of 1997](https://openamerica.io/bill/105-S-197/)
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