H.R.5006 - Savings and Investment Incentive Act of 1994103rd Congress (1993-1994)
|Sponsor:||Rep. Pickle, J. J. [D-TX-10] (Introduced 08/20/1994)|
|Committees:||House - Ways and Means|
|Latest Action:||08/21/1994 Sponsor introductory remarks on measure. (All Actions)|
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Summary: H.R.5006 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in House (08/20/1994)
TABLE OF CONTENTS:
Title I: Retirement Savings Incentives
Subtitle A: Restoration of IRA Deduction
Subtitle B: Nondeductible Tax-Free IRAs
Title II: Penalty-Free Distributions
Title III: Aid to Families with Dependent Children
Savings and Investment Incentive Act of 1994 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code to remove the limitation on the deductibility of contributions to individual retirement plans (IRAs) by active participants in employer-maintained plans, thereby restoring the IRA deduction. Provides an inflation adjustment after 1995.
Allows certain spouses a full deduction for contributions to an IRA.
Subtitle B: Nondeductible Tax-Free IRAs - Allows individuals to establish individual retirement plus (IRA Plus) accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible.
Title II: Penalty-Free Distributions - Allows distributions from certain retirement plans without penalty to purchase first homes, pay higher education expenses and financially devastating medical expenses, and assist certain unemployed individuals.
Title III: Aid to Families with Dependent Children - Amends part A (Aid to Families with Dependent Children) (AFDC) of title IV of the Social Security Act to exclude from AFDC eligibility determinations certain income and resources that are to be used for education, training, and employability purposes.
Requires the Secretary of Health and Human Services to report to the Congress on a revision of the AFDC limit on automobiles in order to increase the employability of AFDC recipients.