H.R. 3042 (104th): Tax-Free Savings and Investment Income Act

Mar 07, 1996 (104th Congress, 1995–1996)
Died (Referred to Committee)
Cleo Fields
Representative for Louisiana's 4th congressional district
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Last Updated
Mar 07, 1996
3 pages

This bill was introduced on March 7, 1996, in a previous session of Congress, but was not enacted.

Introduced Mar 07, 1996
Referred to Committee Mar 07, 1996
Full Title

To amend the Internal Revenue Code of 1986 to allow individuals an exclusion from gross income for certain amounts of unearned income.


No summaries available.

2 cosponsors (1D, 1R) (show)

House Ways and Means

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Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

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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.

Tax-Free Savings and Investment Income Act - Amends the Internal Revenue Code to exclude from gross income up to $5,000 ($10,000 in the case of a joint return) of unearned income. Defines unearned income to mean income other than income from: (1) wages, salaries, tips, and other employee compensation; and (2) earned income from self-employment. Includes pension and annuity income in such definition. Makes ineligible for the exclusion: (1) certain nonresident aliens; and (2) estates and trusts.

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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