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HR 1250 97th Congress House Taxation Corporations and Stocks Dividends Employee benefit plans Finance and Financial Sector Income tax Individual retirement accounts Interest Labor and Employment Securities and Investments Social Welfare Stocks Tax deductions Tax exclusion

Savings and Retirement Income Incentive Act of 1981

Introduced: January 23, 1981 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 4, 1981
See H.R.4242.
Jan 23, 1981
Referred to House Committee on Ways and Means.
Jan 23, 1981
Introduced in House
 Plain-English summary Congressional Research Service

Savings and Retirement Income Incentive Act of 1981 - Amends the Crude Oil Windfall Profit Tax Act of 1980 to make permanent the income tax exclusion for dividend and interest income. Increases such tax exclusion for persons over age 65 to $500 ($1,000 for joint returns).

Amends the Internal Revenue Code to increase to $2,000 the amount of the income tax deduction for contributions to individual retirement accounts. Eliminates the prohibition against certain pension plan participants (e.g. government and military personnel) from making deductible contributions to individual retirement accounts. Increases the amount of nondeductible contributions which an individual may make to an individual retirement account in a taxable year and over such individual's lifetime.

Permits contributors to an individual retirement account to withdraw from such an account up to $10,000, without tax penalty, in order to purchase a first home or finance the higher education of a dependent child.

Allows an income tax deduction for voluntary employee contributions to tax-qualified employer pension and annuity plans.

What's happening now August 4, 1981

See H.R.4242.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1