H.R. 5006 (103rd): Savings and Investment Incentive Act of 1994

Introduced:
Aug 20, 1994 (103rd Congress, 1993–1994)
Sponsor:
Rep. James “Jake” Pickle [D-TX10]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on August 20, 1994, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 20, 1994
Cosponsors
86 cosponsors (44R, 42D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to encourage savings and investment through individual retirement accounts, and for other purposes.

Summary

No summaries available.

Text

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Last updated Aug 20, 1994.
23 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/20/1994--Introduced.
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 Title III: Aid to Families with Dependent Children Savings and Investment Incentive Act of 1994
Title I - Retirement Savings Incentives
Subtitle A - Restoration of IRA Deduction
Amends the Internal Revenue Code to remove the limitation on the deductibility of contributions to individual retirement plans (IRAs) by active participants in employer-maintained plans, thereby restoring the IRA deduction. Provides an inflation adjustment after 1995. Allows certain spouses a full deduction for contributions to an IRA.
Subtitle B - Nondeductible Tax-Free IRAs
Allows individuals to establish individual retirement plus (IRA Plus) accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible.
Title II - Penalty-Free Distributions
Allows distributions from certain retirement plans without penalty to purchase first homes, pay higher education expenses and financially devastating medical expenses, and assist certain unemployed individuals.
Title III - Aid to Families with Dependent Children
Amends part A (Aid to Families with Dependent Children) (AFDC) of title IV of the Social Security Act to exclude from AFDC eligibility determinations certain income and resources that are to be used for education, training, and employability purposes. Requires the Secretary of Health and Human Services to report to the Congress on a revision of the AFDC limit on automobiles in order to increase the employability of AFDC recipients.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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