H.R. 1406 (102nd): Savings and Investment Incentive Act of 1991

Introduced:
Mar 12, 1991 (102nd Congress, 1991–1992)
Status:
Died (Referred to Committee)
See Instead:

H.R. 1731 (same title)
Referred to Committee — Apr 11, 1991

Sponsor
James “Jake” Pickle
Representative for Texas's 10th congressional district
Party
Democrat
Related Bills
H.R. 5006 (103rd) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Aug 20, 1994

H.R. 1731 (identical)

Referred to Committee
Last Action: Apr 11, 1991

 
Status

This bill was introduced on March 12, 1991, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 12, 1991
Referred to Committee Mar 12, 1991
 
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.

Cosponsors
269 cosponsors (140D, 127R, 1R, 1D) (show)
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


3/12/1991--Introduced.
Savings and Investment Incentive Act of 1991 -
Title I - Retirement Savings Incentives
Amends the Internal Revenue Code to remove the limitations on deductions for individual retirement plans and provides a cost-of-living adjustment for deductible amounts. Establishes special individual retirement accounts that are nondeductible. Makes such accounts nontaxable if earnings on contributions are held for at least five years. Applies the early withdrawal penalty to distributions made before the end of the five year-period.
Title II - Penalty-Free Distributions
Provides exemptions from the ten-percent penalty on early withdrawals from individual retirement plans for: (1) first home purchases; (2) higher education expenses; and (2) financially devastating medical expenses.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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