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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Savings and Investment Incentive Act of 1994

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to encourage savings and investment through individual retirement accounts, and for other purposes.

Actions Overview (1)

Date Actions Overview
08/20/1994Introduced in House

All Actions (3)

Date All Actions
08/21/1994Sponsor introductory remarks on measure. (CR H8943)
Action By: House of Representatives
08/20/1994Referred to the House Committee on Ways and Means.
Action By: House of Representatives
08/20/1994Introduced in House
Action By: House of Representatives

Cosponsors (86)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Thomas, William M. [R-CA-21]* 08/20/1994
Rep. Neal, Richard E. [D-MA-2]* 08/20/1994
Rep. Mazzoli, Romano L. [D-KY-3]* 08/20/1994
Rep. Gekas, George W. [R-PA-17]* 08/20/1994
Rep. Andrews, Michael [D-TX-25]* 08/20/1994
Rep. Johnson, Nancy L. [R-CT-6]* 08/20/1994
Rep. Sundquist, Don [R-TN-7]* 08/20/1994
Rep. Crane, Philip M. [R-IL-8]* 08/20/1994
Rep. McNulty, Michael R. [D-NY-21]* 08/20/1994
Rep. Hancock, Mel [R-MO-7]* 08/20/1994
Rep. Ackerman, Gary L. [D-NY-5]* 08/20/1994
Rep. Fields, Jack [R-TX-8]* 08/20/1994
Rep. Lipinski, William O. [D-IL-3]* 08/20/1994
Rep. Green, Gene [D-TX-29]* 08/20/1994
Rep. Hutto, Earl [D-FL-1]* 08/20/1994
Rep. Wilson, Charles [D-TX-2]* 08/20/1994
Rep. Eshoo, Anna G. [D-CA-14]* 08/20/1994
Rep. Levy, David A. [R-NY-4]* 08/20/1994
Rep. Fazio, Vic [D-CA-3]* 08/20/1994
Rep. Jefferson, William J. [D-LA-2]* 08/20/1994
Rep. McCrery, Jim [R-LA-5]* 08/20/1994
Rep. Fish, Hamilton, Jr. [R-NY-19]* 08/20/1994
Rep. Sarpalius, Bill [D-TX-13]* 08/20/1994
Rep. Hastings, Alcee L. [D-FL-23]* 08/20/1994
Rep. Hayes, James A. [D-LA-7]* 08/20/1994
Rep. Johnson, Eddie Bernice [D-TX-30]* 08/20/1994
Rep. Brown, George E., Jr. [D-CA-42]* 08/20/1994
Rep. Frost, Martin [D-TX-24]* 08/20/1994
Rep. Emerson, Bill [R-MO-8]* 08/20/1994
Rep. Greenwood, James C. [R-PA-8]* 08/20/1994
Rep. Packard, Ron [R-CA-48]* 08/20/1994
Rep. Lewis, Jerry [R-CA-40]* 08/20/1994
Rep. Hyde, Henry J. [R-IL-6]* 08/20/1994
Rep. Doolittle, John T. [R-CA-4]* 08/20/1994
Rep. Rogers, Harold [R-KY-5]* 08/20/1994
Rep. Lewis, Thomas F. [R-FL-16]* 08/20/1994
Rep. Hefner, W. G. (Bill) [D-NC-8]* 08/20/1994
Rep. Evans, Lane [D-IL-17]* 08/20/1994
Rep. Rahall, Nick J., II [D-WV-3]* 08/20/1994
Rep. Swift, Al [D-WA-2]* 08/20/1994
Rep. Hansen, James V. [R-UT-1]* 08/20/1994
Rep. Bryant, John W. [D-TX-5]* 08/20/1994
Rep. Spence, Floyd [R-SC-2]* 08/20/1994
Rep. Callahan, Sonny [R-AL-1]* 08/20/1994
Rep. Camp, Dave [R-MI-4]* 08/20/1994
Rep. Torkildsen, Peter G. [R-MA-6]* 08/20/1994
Rep. Calvert, Ken [R-CA-43]* 08/20/1994
Rep. Bevill, Tom [D-AL-4]* 08/20/1994
Rep. Sensenbrenner, F. James, Jr. [R-WI-9]* 08/20/1994
Rep. Hall, Ralph M. [D-TX-4]* 08/20/1994
Rep. Romero-Barcelo, Carlos A. [D-PR-At Large]* 08/20/1994
Rep. Livingston, Bob [R-LA-1]* 08/20/1994
Rep. Parker, Mike [D-MS-4]* 08/20/1994
Rep. Saxton, Jim [R-NJ-3]* 08/20/1994
Rep. Chapman, Jim [D-TX-1]* 08/20/1994
Rep. Martinez, Matthew G. [D-CA-31]* 08/20/1994
Rep. Herger, Wally [R-CA-2]* 08/20/1994
Rep. Sawyer, Tom [D-OH-14]* 08/20/1994
Rep. Minge, David [D-MN-2]* 08/20/1994
Rep. Geren, Pete [D-TX-12]* 08/20/1994
Rep. Carr, Bob [D-MI-8] 10/07/1994
Rep. Bereuter, Doug [R-NE-1] 10/07/1994
Rep. Montgomery, G. V. (Sonny) [D-MS-3] 10/07/1994
Rep. Cramer, Robert E. (Bud), Jr. [D-AL-5] 10/07/1994
Rep. Bilbray, James H. [D-NV-1] 10/07/1994
Rep. Laughlin, Greg [D-TX-14] 10/07/1994
Rep. Moorhead, Carlos J. [R-CA-27] 10/07/1994
Rep. Oxley, Michael G. [R-OH-4] 10/07/1994
Rep. Portman, Rob [R-OH-2] 10/07/1994
Rep. Tanner, John S. [D-TN-8] 10/07/1994
Rep. de la Garza, E. [D-TX-15] 10/07/1994
Rep. Young, Don [R-AK-At Large] 10/07/1994
Rep. Schiff, Steven [R-NM-1] 10/07/1994
Rep. Weldon, Curt [R-PA-7] 10/07/1994
Rep. Huffington, Michael [R-CA-22] 10/07/1994
Rep. Lightfoot, Jim [R-IA-3] 10/07/1994
Rep. Knollenberg, Joe [R-MI-11] 10/07/1994
Rep. Ballenger, Cass [R-NC-10] 10/07/1994
Rep. Barton, Joe [R-TX-6] 10/07/1994
Rep. Duncan, John J., Jr. [R-TN-2] 10/07/1994
Rep. Rohrabacher, Dana [R-CA-45] 10/07/1994
Rep. Orton, Bill [D-UT-3] 10/07/1994
Rep. Farr, Sam [D-CA-17] 10/07/1994
Rep. Solomon, Gerald B. H. [R-NY-22] 10/07/1994
Rep. Kolbe, Jim [R-AZ-5] 11/29/1994
Rep. Tucker, Walter R., III [D-CA-37] 11/29/1994

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means08/20/1994 Referred to

No related bill information was received for H.R.5006.

Latest Summary (1)

There is one summary for H.R.5006. View summaries

Shown Here:
Introduced in House (08/20/1994)


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.