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Savings and Investment Incentive Act of 1997

Introduced: January 22, 1997 See on congress.gov
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 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
 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.

What's happening now March 6, 1997

Committee on Finance. Hearings held.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3