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

Introduced:
Mar 07, 1996 (104th Congress, 1995–1996)
Status:
Died (Referred to Committee)
Sponsor
Cleo Fields
Representative for Louisiana's 4th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Mar 07, 1996
Length
3 pages
 
Status

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

Progress
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.

Summary

No summaries available.

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

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

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.


3/7/1996--Introduced.
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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of H.R. 3042 (104th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus