S.1682 - Savings and Investment Incentive Act of 1989101st Congress (1989-1990)
|Sponsor:||Sen. Bentsen, Lloyd M. [D-TX] (Introduced 09/27/1989)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/29/1989 Committee on Finance. Hearings held. Hearings printed: S.Hrg. 101-697. (All Actions)|
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Summary: S.1682 — 101st Congress (1989-1990)All Information (Except Text)
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.