Summary: S.1682 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for S.1682. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (09/27/1989)

Savings and Investment Incentive Act of 1989 - Amends the Internal Revenue Code to exempt from the ten percent penalty tax on early distributions from qualified retirement plans: (1) first-time homebuyer distributions; and (2) qualified higher education expenses.

Allows a deduction for 50 percent of the contributions made to individual retirement plans.