H.R.1406 - Savings and Investment Incentive Act of 1991102nd Congress (1991-1992)
|Sponsor:||Rep. Pickle, J. J. [D-TX-10] (Introduced 03/12/1991)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/12/1991 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1406 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (03/12/1991)
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.