Summary: H.R.2340 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.2340. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/14/1991)

Amends the Tax Reform Act of 1986 to repeal provisions relating to limitations on IRA (Individual retirement account) deductions for active participants in certain pension plans and nondeductible contributions to individual retirement plans, thus restoring the prior law for deduction for retirement savings. Amends the Internal Revenue Code to exempt from the penalty on early distributions from individual retirement plans distributions for: (1) long-term health care insurance premiums; and (2) educational expenses for higher education or a vocational school.

Provides a tax exclusion for distributions from such plans used to acquire a first home. Limits such distribution to $10,000.